On the
daily chart of gold we can see that the price stays inside the symmetrical
triangle that we identified a few days ago. The price is currently visiting the
55 day exponential moving average, which could act as support. Just below the
55 day EMA, around the 1322 level, we can see the lower trendline of the
triangle, making this zone a much relevant support area. But if the price
breaks below the 55 day EMA, then the bearish momentum may accelerate towards
the 1300.00 level. To the upside, if the prices bounces and rallies again, then
the bullish momentum may accelerate and the price of gold may try to break out
of the triangle to the upside.
That is the million dollar question but we will know on Friday.
ReplyDeleteThank you for the relevant information.
ReplyDeleteI think it will likely reach $1,300 first.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteI think it will likely continue dropping.
ReplyDeleteGood review!
ReplyDeleteThanks for the tips.
ReplyDelete