i had a quick look through the topics and couldnt see a gold discussion going on. What are peoples tought on gold in these economic times? ive read in places people thik gold will rise to 4-5K in the next decade. Especially with crypto trying to make its way into currencies alot of people and countries will be putting their money into gold. After all the banks sit on big bars of it in their safe’s. opinions welcome
1 Like
1 Like
Here’s a technical perspective on XAUUSD.
On the daily time frame, price action was respecting an outer ascending trendline (red) from November 2018 but has moved further northward to respect an inner ascending trendline (black), an indication of an increase in bullish momentum. Furthermore, looking left, we can see that a bullish break of the previous descending trendline (magenta) apparently gave way to an impulsive northward wave; and we are likely riding an impulsive rather than a corrective wave at the moment. At any rate, as long as the outer ascending trendline (red) holds on a daily closing basis, we can have confidence in a bullish drive.
I may be wrong. Trade safe and prosper.
2 Likes
Hope this thread is still alive??? Gold currently at 32.8 fibo level.anticipating a bullish move
Gold is fixated with the 1500 level and it has slowly tighten its range around that zone. The 1555 level is its most relevant resistance and the 1450 level may act as support.
No clear trend yet on gold around the 1500 level, but there is a slight bearish correction. Below the 55 day EMA, its next support level could be the 1450 zone.
i will continue to keep this thread alive. Last time i looked at gold (not on here) it was sat at the support area of 1550 area. suggested it could move from there and price has since moved up a couple of hundred pips.
You can see it has bounced from the 0.38 fib a few times, which shows that area is strong on the daily TF.
Whats next? Well i dont know for certain but could we go up to form a triple top? who knows but look out for the top around the 1587 area.
We could then either get a retrace to the 0.38 fib again or even deeper to the 50% rest stop or to meet the .618 and trend for multiple confluences before a gigantic push up. Remember buy low sell high. Look for the spots dont trade in the middle and get caught out
6 Likes
Looking quite like a triple top to me , However as you say it could range a bit and will wait for it to break that support area sitting on top of that Fib level .
Double top isn’t it? So a drop is coming?
Nice analysis, haven’t been trading gold recently but it’s something I’ll be looking into.
I think that once the Corona Virus stuff clears up, (or if they find a cure) - it will dump. But it’s playing with the markets at the moment. I’m hoping things clear up soon.
I think so too. Even the DT appearance gives credit to a drop. In the future
keep it coming lee
Thanks for the update, I think it’ll stay strong until the coronavirus is extinguished
I see Gold strength for the time being, the coronavirus is going from worse to worse.
Normally with a double top I’d expect a drop but with the coronavirus causing havoc in the markets I wouldn’t be surprised to see a triple top form and then a dump down to the 0.618 level as you say.
Fundamentals actually overule technics-the price of gold has positive correlation with the wider spread of corona. This virus now drives everything
Even though gold has been very volatile, the price has found a support around the 1555 level and consolidates just above that level. To the upside, the 1600 level keeps acting as resistance.
Finishing off the week back up the top at the 1584 now. will be looking for a sell of for the start of next week!
I`m more bearish orientated in short term but for sure bullish long term. Down to 38.2 and them some good gains again.