After last week's steep and violent drop from $3,439 USD post Fed, Gold has found new momentum thanks to weaker than expected non-farm payroll numbers. But the price has been capped inside an ascending channel. This doesn't look particularly convincing to me for a strong reversel and bull case in the short term unless we manage to break out of the channel soon. If we fail to break the $3,439 USD high pre- Fed meeting I expect a test of the lower bound of the channel and a potential break below that.
A break below the channel opens up the way to the low at $3,267 USD.
A break below the channel opens up the way to the low at $3,267 USD.
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Gold still locked into ascending channel. I see it move back up to its upper bound, but remain skeptical if enough buying momentum builds to break it. Let's see if we can get above $3,390. Break of the channel below opens up a much more bearish case for Gold.
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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.