Gold on support
After having ended a long bullrun, Gold has made a short correction.
It has just reached the lower limit of an ascending parallel channel and also a longer ascending trend line (dotted).
On dayli basis it´s seemingly weak (RSI and MACD clearly in negative terrain and no triggering).
But on hourly basis one could assume, that Gold has already changed direction.
This is important, because if Gold were about to leave the positive trend, breaking the support, then it could fall on the last support (fib retracement 38.2% = 1380$).
On the other hand, if support holds it and Gold would recover from last losses, the way up could lead it to the next resistance line (fib retracement 61.8% = 1.585$).
As monetary policy is inflationary, enough crisis around the globe, even central banks on buying side, wedding season in India coming up, christmas ante portas, I suggest Gold to stay strong.
It has just reached the lower limit of an ascending parallel channel and also a longer ascending trend line (dotted).
On dayli basis it´s seemingly weak (RSI and MACD clearly in negative terrain and no triggering).
But on hourly basis one could assume, that Gold has already changed direction.
This is important, because if Gold were about to leave the positive trend, breaking the support, then it could fall on the last support (fib retracement 38.2% = 1380$).
On the other hand, if support holds it and Gold would recover from last losses, the way up could lead it to the next resistance line (fib retracement 61.8% = 1.585$).
As monetary policy is inflationary, enough crisis around the globe, even central banks on buying side, wedding season in India coming up, christmas ante portas, I suggest Gold to stay strong.
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On 4h- basis it looks quiet good for Gold.
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Attention: Gold still on support, but MACD is about to trigger downwards.
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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.