Channel or trend lines, working well for Gold.
Gold which was trading at the lower support zone of a long term channel, has closed at nine days high. After this consolidation, it may trade at higher levels in coming days.
Momentum is also looking strong, indicating a upward price moment.
Beyond technical analysis, the fed rate cut and mixed commentary thereafter can be termed as supportive to a price rise only, the revised tensions between US n China, disputes with Iran, tensions in UAE, ECB rate cut, China slowdown etc. are all the factors that may push the prices of yellow metal higher after the recent consolidation.
Momentum is also looking strong, indicating a upward price moment.
Beyond technical analysis, the fed rate cut and mixed commentary thereafter can be termed as supportive to a price rise only, the revised tensions between US n China, disputes with Iran, tensions in UAE, ECB rate cut, China slowdown etc. are all the factors that may push the prices of yellow metal higher after the recent consolidation.
Trade active:
keep 1489 as a strict stop loss for all long positions, medium term of positional traders can hold it for some time. Previous high should breach in a week or two.
Trade active:
Gold has become stronger on charts, after consolidation it has started moving up again.
1504 can be revised stop loss now.
1504 can be revised stop loss now.