Gold has a
negative correlation with the Dollar that is why during this Friday after the
disappointing US jobs numbers, gold rallies as the Dollar drops. On the 4 hour
chart of gold we can see that the price has broken above the 200 period exponential
moving average and it may try to continue heading higher. In case of gold
continuing higher, it may try to go and visit the 1260 zone, which has acted as
a resistance in the past. To the downside, in case the price retraces back
down, the 55 period exponential moving average, purple line, around the 1225,
could act as a support.
What a rally.
ReplyDeleteWell spotted and looks like it will keep pushing higher.
ReplyDeleteExcellent analysis!
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDeleteThe rally continues today.
ReplyDeleteI'll keep those levels in mind.
ReplyDeleteVery good post.
ReplyDeleteIt was interesting to read! Thanks a lot!
ReplyDelete