JICPT| Weak Chinse data pushing gold to key supply zone!
Hello everyone. As I mentioned in my latest post that the weak Chinese data triggered stock market fell today. However, the risk appetite helped pushed gold directly to the strong supply zone(1783-1790).
The big bullish candle formation suggested the strong momentum, I guess the zone couldn't stop it. The next challenge zone will be 1832 where price has failed to conquer with 3 tries.
Also, the crude oil got affected by the weak Chinese data again as China is the world's largest importer country. The indicated economic growth means sluggish demand for the black gold, hence the crude oil reacted by pulling back with no surprise.
As we can see from the below daily chart, crude oil has tested the zone for the 2nd time, and it failed to challenge either the recent high or flip level before coming back. So, momentum is a bit weak. The good news for the bullish buyers is that the long-term moving average serves as a firm hold.
The big bullish candle formation suggested the strong momentum, I guess the zone couldn't stop it. The next challenge zone will be 1832 where price has failed to conquer with 3 tries.
Also, the crude oil got affected by the weak Chinese data again as China is the world's largest importer country. The indicated economic growth means sluggish demand for the black gold, hence the crude oil reacted by pulling back with no surprise.
As we can see from the below daily chart, crude oil has tested the zone for the 2nd time, and it failed to challenge either the recent high or flip level before coming back. So, momentum is a bit weak. The good news for the bullish buyers is that the long-term moving average serves as a firm hold.
Comment:
two small basing candles formed, I really wanna know what's next?
plan your trade and trade your plan
