itsfhm

Gold Trading November I

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold price trading in a descending triangle, which indicates a possible move lower if price breaks below 1850. However, the correlation coefficient between gold and the DXY is near -0.90. A correlation coefficient of -1.00 would indicate that the 2 instruments are perfectly negatively correlated. Gold may continue higher towards first resistance is 1900, then the top of the downward sloping trendline near 1925.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.