Friday, December 22, 2017
Excellent rally on gold
On
the daily chart of gold we can see that the price of the precious metal has
rallied during today’s session to break above its 200 day and 55 day EMAs and
reaches the 1274 zone. In case the price keeps rallying, its next resistance
could be the 1300 level. Fundamentally, the drop on the US Dollar has supported
the price of gold and also the 30% drop on Bitcoin has moved some capital
towards gold. The price of gold may not rally in a straight line to the 1300
level, but it could make some pullbacks on the way up. To the downside, in case
the price breaks below the 200 day EMA at the 1268 level, the bearish momentum
may take gold to the low at the 1236 level, which could act as support. In
reality, the price of gold may take any direction.
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Excellent analysis, thank you!
ReplyDeleteGood to know.
ReplyDeleteGreat rally indedd.
ReplyDeleteVery impressive rally.
ReplyDeleteIt's quite bullish indeed.
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDeleteImportant information, will keep it in mind!
ReplyDeleteGood info!
ReplyDeleteGreat take on markets!
ReplyDelete