Since the
end of June, the price of gold has created what it is known as a symmetrical
triangle on the daily chart. A few days ago the price of gold dropped to the
lower part of the triangle, but it stalled momentarily around the 55 day EMA on
the 1322 level. The bearish momentum accelerates and the price breaks out of
the triangle. The 1300 level may act as support, but there is a more important
support zone between the 1253 level and the 1264 level. If the price goes back
up and enters the triangle, then it may go and visit the upper trendline of the
triangle, but since we are analyzing the commodity on the daily chart, then
such scenario may take a few more days before developing.
Subscribe to:
Post Comments (Atom)
WTI oil at the 200 day EMA
WTI oil breaks below the 66.27 support zone and accelerates its bearish momentum towards the 200 day EMA around the 64.30 level. We have b...
-
Great events, great Webinars during this month of November by ActivTrades. Paul Wallace will be conducting an interesting event on Thursday...
-
The Dow Jones industrial index reaches for the first time in its lifetime the 20000 points, prolonging what it has come to be known as “the ...
-
The EUR/USD has made a very good bearish retracement from the 200 day EMA around the 1.0770 level, which has taken it below the 1.0700 leve...

Looks like it will keep pushing lower.
ReplyDeleteIt will probably reach $1,300.
ReplyDeleteThank you for pointing that out.
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDeleteStill the trend is bearish.
ReplyDeleteGood review!
ReplyDeleteHelpful article, thanks!
ReplyDeleteWell spotted.
ReplyDelete