Gold was
enjoying a very good bullish trend until it got to the 1366 level as shown on
the daily chart, while the Dollar was weakening. However, the Greenback gains
ground versus its main counterparts and pressures the price of gold to the
downside. This is due to the fact that gold is quoted in Dollars in the
international markets and when the Dollar rises, the demand for the precious
metal decreases. From the 1366 level gold starts to pull back to the downside
until it reaches the 55 day EMA around the 1312 level. It is possible for that
moving average to act as support, especially when the last daily candle is in
the shape of a doji which means indecision in the market. On the other hand, if
the price breaks below the 55 day EMA, then the 1300 level could act as
support.
It could have found some support.
ReplyDeleteEnjoyed the article, thank you.
ReplyDeleteIt's consolidating for now.
ReplyDeleteLet's see whether it will break out below $1,300.
ReplyDeleteIt's consolidating between Fibo levels.
ReplyDeleteThat's good to know, thanks.
ReplyDeleteImportant levels to keep in mind!
ReplyDeleteVery interesting! Thanks!
ReplyDelete