CFDs on Gold (US$ / OZ)Updated Gold update
The negative trend has been continued and Gold (in $) several supports (as it has done Silver).
RSI has arrived in oversold zone and is testing the lower limit of a long trend line (in RSI-Chart).
MACD also negative and signal line triggered to the bottom.
Goldprice is shortly before reaching the fib retracement 38.2% of the last rallye (2016). At 1.184$ is the crossing between the parallel channel and the support and hopefully it´ll be strong enough to stop the negative trend.
If so, the Gold has the potential to rise up to 1.200$ where we have the upper limit of the channel and also the falling trend line (coming from 2011).
If not the next support would be at 1.153$ - a fib retracement 38.2% (older rally in 2009).
There are still good chances that the next support would be strong enough, if the sellout at the ETF´s won´t continue as fast as in the last days.
RSI has arrived in oversold zone and is testing the lower limit of a long trend line (in RSI-Chart).
MACD also negative and signal line triggered to the bottom.
Goldprice is shortly before reaching the fib retracement 38.2% of the last rallye (2016). At 1.184$ is the crossing between the parallel channel and the support and hopefully it´ll be strong enough to stop the negative trend.
If so, the Gold has the potential to rise up to 1.200$ where we have the upper limit of the channel and also the falling trend line (coming from 2011).
If not the next support would be at 1.153$ - a fib retracement 38.2% (older rally in 2009).
There are still good chances that the next support would be strong enough, if the sellout at the ETF´s won´t continue as fast as in the last days.
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Note
The support has been strong enough, the price rebounded on the support and climbed back to the upper limit of the trend channel. Actually Gold is about to break out of the parallel trend channel. RSI also crossed the negative trend line and MACD has been triggered to the top. Another resistance also has been taken: the longer descending trend line (see yellow circle). This is very important because it shows that Gold has enough strength to fight back.
It would be a positive signal if Gold would cross the swing trend line (orange). This would open a next move to 1.260$ (fib retracement + swing trend line).
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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.
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.