Thread: Gold
Gold has failed to break the resistance in 1723 and has broken the support in 1705. Further consolidation within the range specified by the 1685 and 1723 allow the gold is in a secular uptrend with strong support at 1523. Observe the resistance area between 1791 and 1803.
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Hamzagoroo (2019-05-25)
Spoiler:
On the H1 chart price is below 12 EMA (red) and 72 EMA (blue) indicates the trend is still down
21 RSI is below 50 indicates the trend is still down
Recommendation: SELL
Target: 1676
SL: 1708
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anyone who has ever traded gold would tell you that gold is the perfect commodity to trade despite of itbeing so expensive i think it is very possible for ane to make a fortune with it.
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Gold is stil move in consolidation, it seems that gold may fall again after this break. I think gold will likely fall towards 1686.60 or lower. I keep on bearish trend
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Bias for gold is bearish in nearest term for gold testing at 1686 area before targeting 1673 region.
On the upside, 1700 area is nearest resistance, a clear break above that area could trigger further bullish pressure aiming 1718 region.
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Hamzagoroo (2019-05-25)
Gold is very important yet risky item for trade. Here Trader must analysis the properly before trade. In trade here, initial support and resistance is very important part to consider!
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Hamzagoroo (2019-05-25)
Indicated gold was weakened. Immediate support now at 1694 levels. If these levels persist, gold will move rebound to resistance area 1706. But when the pressure goes down, the level of 1684 will be the next target.
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Hamzagoroo (2019-05-25)
Many "Patriots" who own gold and silver must be frustrated these days. The metals are stuck in a narrow trading range and mining stocks are hitting new 52-week lows. Despite gold being only 10% from its all-time high, the multiples on gold stocks are contracting. It's a Chinese water torture.
I am not a financial adviser but I think mining stocks are a harbinger of a major sell-off in the metals in May or June. The catalyst will be the overthrow of the "austerity" program in Europe, new stimulus there and new doubts about the survival of the Euro. While austerity is bad, it will drive investors to seek refuge in the USD, resulting in a decline in the Euro and commodities, including precious metals.
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
Hamzagoroo (2019-05-25)
The February futures price of gold rose to 1723.20 dollars per ounce when the Fed announced its decision. However, the asset was not able to move further and corrected to $1711 per troy ounce on COMEX today.
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“Viewed in light of the 3 wave advance from 1672.50, the trend is lower.” Friday’s JS Spike right at mentioned support (1685) will probably propel gold to at least the 61.8% retracement of the decline from the 11/12 high at 1727. There is trendline resistance to keep an eye on as well.
Commodity Trading Strategy: Previous comments were “look to short strength from 1727 to 1738 with a 1754 stop.” After today’s spike and reversal, gold might not reach 1727. Wait for at least a day for the near term pattern to clear up before jumping into something at a less than ideal level.
LEVELS: 1673 1683 1704 1727 1738 1754
Last edited by niknik; 2012-12-13 at 11:44 AM.
Hamzagoroo (2019-05-25)
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