Gold has given been in bear's grip since Wednesday (25-09-19), it formed a Doji on daily chart yesterday (26-09-19) and resumed the fall today.
It has come out of a medium term channel on 25th, 1483-89 is the range it managed to form a bottom from when it corrected a few days back.
It may break this support this time, 1440-1460 is the next target on the down side.
Other indicators too are suggesting further weakness.
Beyond technical analysis, Gold is probably reacting to news of US China trade talk resumption, which has seen many weathers in the recent past.
Besides US China trade developments, there are many factors that can push the prices higher in near term, all major economies around the globe are giving signals of severe slowing down of economy, central banks have been cutting interest rates to support economies.
In my opinion Gold should not break 1440-1460 levels in near future, investors should accumulate on dips and investors should trade long on confirmation of technical indicators. The indicators have not being supporting a buy at this stage, so wait for confirmation.
Mature or experienced traders may short and ride the trend.
It has come out of a medium term channel on 25th, 1483-89 is the range it managed to form a bottom from when it corrected a few days back.
It may break this support this time, 1440-1460 is the next target on the down side.
Other indicators too are suggesting further weakness.
Beyond technical analysis, Gold is probably reacting to news of US China trade talk resumption, which has seen many weathers in the recent past.
Besides US China trade developments, there are many factors that can push the prices higher in near term, all major economies around the globe are giving signals of severe slowing down of economy, central banks have been cutting interest rates to support economies.
In my opinion Gold should not break 1440-1460 levels in near future, investors should accumulate on dips and investors should trade long on confirmation of technical indicators. The indicators have not being supporting a buy at this stage, so wait for confirmation.
Mature or experienced traders may short and ride the trend.
Trade active:
Prices recovered smartly after a dip, at least for the day.
closing above 1495 can be considered as good only and favoring bulls.
closing above 1495 can be considered as good only and favoring bulls.