Bullish clues:
- Support zone at $1,760 USD
- Strong bearish rejection of candlesticks on the support zone
- Rebound on the upper band of a former bearish channel
- CCI (Commodity Channel Index) is currently oversold
- Inverted Head & Shoulders pattern (neckline exactly corresponds to the 38.2% Fibonacci retracement level)
Fundamental news:
- Demand for metals remains high, especially in an economy recovery
- While the debt of the Chinese real estate giant Evergrande has raised fears of financial crisis in recent days, Gold is holding its role as a safe haven
- Fed interest rate decision and remain key catalysts for Gold prices
Objectives:
Gold could goes up to the level of $1,830 USD (neckline of the Inverted Head & Shoulders pattern = 38.2% Fibonacci retracement level) and then, if the Inverted Head & Shoulders pattern is confirmed (wait for a pullback),Gold could goes up to the 50% Fibonacci retracement level at $1,875 USD and then up to the strong bearish resistance at $1,920 USD (corresponds to the 61.8% Fibonacci retracement level). The theoretical objective of the pattern is $1,982 (which almost corresponds to the 78.6% Fibonacci retracement level).
MAYBE WE HAVE TO WAIT THE BREAK UP OF THE 100 EXPONENTIAL MOVING AVERAGE FOR AN AGGRESSIVE ENTRY AND A PULLBACK ON THE NECKLINE AT $1,830 FOR A CONSERVATIVE ENTRY.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- Support zone at $1,760 USD
- Strong bearish rejection of candlesticks on the support zone
- Rebound on the upper band of a former bearish channel
- CCI (Commodity Channel Index) is currently oversold
- Inverted Head & Shoulders pattern (neckline exactly corresponds to the 38.2% Fibonacci retracement level)
Fundamental news:
- Demand for metals remains high, especially in an economy recovery
- While the debt of the Chinese real estate giant Evergrande has raised fears of financial crisis in recent days, Gold is holding its role as a safe haven
- Fed interest rate decision and remain key catalysts for Gold prices
Objectives:
Gold could goes up to the level of $1,830 USD (neckline of the Inverted Head & Shoulders pattern = 38.2% Fibonacci retracement level) and then, if the Inverted Head & Shoulders pattern is confirmed (wait for a pullback),Gold could goes up to the 50% Fibonacci retracement level at $1,875 USD and then up to the strong bearish resistance at $1,920 USD (corresponds to the 61.8% Fibonacci retracement level). The theoretical objective of the pattern is $1,982 (which almost corresponds to the 78.6% Fibonacci retracement level).
MAYBE WE HAVE TO WAIT THE BREAK UP OF THE 100 EXPONENTIAL MOVING AVERAGE FOR AN AGGRESSIVE ENTRY AND A PULLBACK ON THE NECKLINE AT $1,830 FOR A CONSERVATIVE ENTRY.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Not
Hope a rebound at the opening on Monday.Emir iptal
Inverted Head & Shoulders invalidated
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.