Monday, July 30, 2018
Consolidation on gold
Gold
has entered into a consolidation phase as shown on the daily chart of the
precious metal. The price of gold consolidates between the 1211 level as
support and the 1236 level as resistance. Inside the consolidation, gold has
formed what it appears to be a bearish flag or pennant. It is called a bearish
flag, because the trend coming into the consolidation is bearish. Therefore,
there is a higher probability of seeing a breakdown to the 1200 level, which
could act as support. But the price may also break to the upside and form a
pullback or correction. Above the 1236 level, the 55 day EMA may act as a
resistance, but a better resistance could be the 1273 level, due to the fact
that at that level we can find its 200 week exponential moving average.
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That's good to know, thank you.
ReplyDeletePotentially waiting for the Fed Interest rate decision.
ReplyDeleteThank you for the assessment.
ReplyDeleteMost likely, on the way to test last year low.
ReplyDeleteHelpful analysis, good to know.
ReplyDeleteGood insight.
ReplyDeleteGreat post! I fully agree with your view.
ReplyDeleteGold bearish trend is not over yet.
ReplyDelete