Gold: 2nd and Strong Breakout of Falling Trendline
Since the first breakout of the 3-Month falling trendline, the gold fell all the way close to the previous low and found support at 1273.2.
The price consolidated for about 2 trading days and yesterday it finally jumped and broke above the falling trendline for the second time.
This is also fundamentally caused by falling stock prices and weakening of the dollar as it found resistance at the previous high which is largely the cause of the US-China trade war.
The dollar is most likely to fall further resulting in a stronger gold price in the short to mid-term perspective.
Wait for the price to retrace lower and look for buy opportunity again when the price is closer to 1280.
The price consolidated for about 2 trading days and yesterday it finally jumped and broke above the falling trendline for the second time.
This is also fundamentally caused by falling stock prices and weakening of the dollar as it found resistance at the previous high which is largely the cause of the US-China trade war.
The dollar is most likely to fall further resulting in a stronger gold price in the short to mid-term perspective.
Wait for the price to retrace lower and look for buy opportunity again when the price is closer to 1280.
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.