As you can see above, the bullish momentum has been slowed down and now its time for the bears to come into action. Potential head and shoulders pattern which could then be identified as a potential short, possibly down to 1250?
GOLD IS COMMING CLOSE TO THE 61.80 MARK ON FIB LEVEL. IF WE HIT THIS AND HAVE A CLEAR REJECTION WE SHOULD BE LOOKING FOR A SHORT TRADE.
FOR FUTHER CONFIRMATION WAIT FOR THE WEDGE TREND TO BREAK THEN TAKE YOUR SELL TRADE.
WE HAVE FOMED A PREVIOUS ASCENDING WEDGE, WHICH THEN LEAD TO A 3500 PIP TRADE.
WE ARE NOW IN A BULLISH TREND AND FORMING ANOTHER ASCENDING...
The gold weekly chart is setting up very nicely. Price has recently hit a resistance level where we can see consecutive lower highs formed. I feel the price will test the uptrend support line then make a break to the 1363 region.
Gold prices fell sharply on Thursday amid a stronger dollar demand across the board. The bullion retreated from the $1,310 level and closed below $1,300. By the way, it was the worst day for the precious metal since the beginning of this month.
However, after a sell-off, the bullion resumed the upside move and tries to settle above the $1,300 psychological...
Long to 1304 till where we should see retracement to 1292- 1294 before we create the next leg up to around 1310 which lines up a daily 61st fib and SMA
Gold prices extended recent loses to fresh late-January lows around $1,281, where the bullion received some support and finished marginally higher yesterday. On Wednesday, the precious metal continues timid recovery attempts despite the dollar remains strong after the data showed a rebound in US housing and services activity.
Geopolitical headlines seem to be...
This analysis is nice and simple but the potential move under pinning it is that great that it warrants further attention from the trading view community. The long and short of it is this, 1355 has been a major resistance in gold since 2013 with many attempts and consolidations under the level but never a meaningful break which has been maintained for higher...
Gold prices are trying to resume the ascent after a drop on Wednesday. The yellow metal failed to stay above the $1,320 figure and slipped to two-week lows below $1,317, where buyers reemerged. Today, the bullion is making attempts to regain the $1,323 threshold amid souring risk sentiment.
Stocks are falling on Thursday amid the fading optimism over the...
Gold prices received a boost from dovish comments by Fed’s Mester that sent the dollar lower nearly across the board. Traders were at a loss as this central bank official used to be hawkish, which added to the upside pressure on the precious metal. The prices surged to fresh April highs above $1,346 on Wednesday and remain elevated despite some correction from...
With stocks recovering from black December, looks like GOLD is weakening. Those two candles are hinting a downtrend may start.
I need confirmation to open a short. Remember Trend is usually a great friend here, so once we confirm a direction I would open a position immediately.
The blue line is close to 1300, a critical spot for me. Let's keep an eye on this. (And the MA)
Gold extends a gradual ascent on Wednesday but the dynamics still looks unsustainable. This is not surprising, considering a widespread investor optimism over trade talks in Beijing and arrangements in Congress to avoid another shutdown. The bullion stays above the $1,300 psychological support but fails to make a sustained break above $1,315.
The dollar saw...
Gold price is widely followed in financial markets around the world. Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a fiat currency system in which paper money doesn't have an implied backing with any physical form of monetization. AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.
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