GOLD 04/07: Gold's Slowness
GOLD Despite not being able to break above the two-week descending resistance line, closest near 1,930$, Gold Price is still much higher than the 1917$ support confluence comprising the 200 Hourly Moving Average (HMA) and four-day-old bullish support line. conversely, keeping the GOLD bulls hoping to breach the stated resistance line one more time.It should be noted that the 50% Fibonacci retracement level of the quote's weakness between June 16 and 29, adds strength to the 1,930$ resistance including the previously mentioned downtrend line.
Accordingly, a quick jump towards the 61.8% Fibonacci retracement level, also known as the golden Fibonacci ratio, near 1940$ cannot be ruled out.
However, the convergence of the 100-DMA and the downward sloping resistance line from early June on the daily chart, around 1945$, seems to be a tough one for Gold buyers then.
Meanwhile, a break of the 1917$ support confluence will need to be validated from the 23.6% Fibonacci retracement level around 1910$ before directing gold prices to the previous monthly low, also the lowest since March, about 1893$.
There is a signal to sell gold, I will guide everyone to buy entry around 1923. My expectation level for bounce is around 1930. Stay tuned and I will help you make a lot of profit.
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