Gold has completed a Weekly Wave 3 high and is heading into a Wave 4 correction.
This makes logical sense, trend is up, large gains have been made and price has reacted perfectly to the weekly/monthly resitance levels at C 1565.
Price needs to cool off and refresh before resumption. Be mindful of choppy conditions until completion- Wave 4 can often whip saw...
Gold prices refreshed multi-year highs earlier this week but trimmed gains decently after yesterday’s plunge. The safe-haven demand has abated amid some signs of easing US-China trade tensions as the two countries agreed to resume talks in early October.
Besides, dollar demand reemerged after ISM Non-Manufacturing PMI and ADP employment data exceeded...
Gold prices rally has stalled last week at fresh multi-year highs around $1,555 last week. Since then, the precious metal turned into a consolidation mode with a bearish bias and struggles to regain the upside impetus amid the overbought conditions and a generally stronger dollar.
The greenback demand rose across the board, in part due to some recovery in the...
Had 3 trades on gold last week and it was not playing nice. First trade was running 40+ and took a -20 pip loss, we then entered again a took a full 1R loss on this and then last minute at 4pm on Friday and we now running over 80+ and will be looking for new entries on this pair. Ive seen there is more china news speculating over the weekend and we have seen gold...
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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