The gold stood strong last Friday after a weak NFP, causing a rise in the demand of a safe haven asset.
The gold has successfully broke above 1244 and is on its way to 1260.
The price of gold is very much affected by the dollar and now that the dollar is weakening on weakening Fed hike expectation, the gold is expected to continue on its rise.
If we are lucky enough, a good re-entry is when the gold price retraces to 1237 supply zone.
The gold has successfully broke above 1244 and is on its way to 1260.
The price of gold is very much affected by the dollar and now that the dollar is weakening on weakening Fed hike expectation, the gold is expected to continue on its rise.
If we are lucky enough, a good re-entry is when the gold price retraces to 1237 supply zone.
Note
A good sign that gold retraced before it climb higher.Lets wait for price to retrace below 1240.
Note
Gold was seen supported twice at 1242 since it retraces from the highest point.That potentially could mean that gold is ready for the next wave of appreciation.
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Interestingly, it took exactly one whole week for the gold price to wipe out itsgain from one trading day last Friday.
However, it also shows a lack of buyers to push the price any higher, which could mean that the price may retrace further.
As of current, I would suggest waiting for the price to reach 1234 to long.
Most likely we will have to wait till next week for this opportunity.
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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.