Price has rejected MA200. We will se a new bearish movement...?
Il Macd segnala un incrocio interessante, insieme ad una possibile rottura della media mobile semplice a 20 periodi. La rottura della prossima resistenza in area 1233.90 potrebbe dare spunto ad un ingresso long fino all'area 1251, dove incrocia la resistenza diagonale di lungo periodo (in arancione).
XAU/USD is done with 1/3 FIB correction and back for double topping.
After some indecision, last week a doji candle was formed in weekly major support level. We can now se on the daily chart some head and shoulders pattern indicating long for EU in the short term. We are expecting it to reach the 61.8 fib retracement on the green line, and then a possible downside breakout. This will probably stop at the -27% extension to then...
Gold’s drop to a low of $1181.70 yesterday pushed the daily RSI into the oversold territory. The daily MACD shows loss of bearish momentum despite prices dropping to fresh multi-month low. Hence, a corrective move to $1200 is likely. On the downside, a strong support is seen directly at $1171.85 (61.8% of Nov 2015 low – Jul 2016 high).
IF IT DOESN'T BREAK 1305 I WOULD RECOMMEND ENTERING SHORT HERE. IF IT BREAKS ABOVE, IT WILL GET TO NEW HIGH AND WE MIGHT CONSIDER LONG
The monthly chart above clearly shows repeated failure at the falling trend line resistance coupled with the monthly 50-MA topping out. Prices failed to hold above $1301.35 (50% Fib of 2008 low - 2011 high). The chart thus suggests a corrective move is more likely, which means Clinton victory. However, charts could lie as markets have been reacting to Polls...
Despite Gold’s bullish close on Tuesday above 200-DMA, caution is advised as the pair is having a tough time breaching the confluence of weekly 5-MA and weekly 200-MA noted around $1274 levels. Also note that Weekly 5-MA is sloping downwards, hence area between the moving average and resistance at $1290 could be dominated by sellers. On the lower side, breach of...
Despite the retreat from the previous day’s high of $1274.60, the subsequent rebound from weekly classic R1 level of $1261 in the wake of a bullish 5-DMA and 10-DMA crossover and a bullish break from symmetrical triangle suggest prices could revisit $1274.60 and may breach the same for $1280 levels. Only a daily close below $1253 (23.6% Fib retracement of move...
The falling top formation as shown by the three monthly candles and a retreat from the monthly high of $1352 if followed by a close today below monthly 50-MA level of $1311 would open doors for drop below $1300 levels next week. Below $1300, a major support is seen around $1284-1260 levels. On the higher side, only a daily close above $1350 would signal...
Gold’s repeated failure to breach 100-DMA support earlier this week followed by a sharp rise on Wednesday and a day end close back above 100-DMA suggests the metal has switched gears and is heading towards flag resistance of $1353/Oz. A daily close above $1353 would mean a larger uptrend from the December low of $1047 has resumed.
On the left hand side is the hourly chart, while the daily chart is on the right hand side. Gold’s retreat from $1353 followed by a day end close below 50-DMA on Thursday suggests prices could retreat further to $13330 levels, although support of 10-DMA at $1327 would hold due to oversold nature of the hourly RSI. Moreover, a rebound from $1330-1327 levels...
Gold ended August below monthly 50-MA after having failed to take out long-term falling trend line resistance. Prices currently trade below monthly 50-MA and monthly 5-MA seen at $1312 and $1300 levels. Congestion is likely as investors are seen sitting on the sidelines ahead of the August non-farm payrolls data due for release tomorrow.
“Everything that happens once can never happen again. But everything that happens twice will surely happen a third time.” ― Paulo Coelho, the Alchemist To a greater extent, the same logic is applicable in markets as well. The falling trend line was established at the end of October 2012 and was put to test last month. Prices failed to take out the same last...