Gold - testing important support - possible wedge breakout
Ten-year US government bonds have again climbed above the 2.7 percent mark. This means for gold owners that the necessary waiver of these interest rates leads to higher opportunity costs. The higher these are, the less attractive a gold investment.
The steep short-term uptrend at $ 1,328 and the horizontal trendline at $ 1,325 had to be left to the supply side.
Currently, the medium-term uptrend is under attack . Just below this is the upper trend channel line from August 2018. Other supports on the daily chart are the simple 50-day average line and the psychological mark at $ 1,300.
Decisive is today's closing price. If the defense of the medium-term uptrend succeeds, the gold price could trigger a counter-move towards the trend straight at $ 1,325.
RSI and STOCH-RSI are heavy over selled and MACD is showing bullish crossing of baselines which is bullish indicator for further price movement.
Good luck to all and have a nice weekend !
The steep short-term uptrend at $ 1,328 and the horizontal trendline at $ 1,325 had to be left to the supply side.
Currently, the medium-term uptrend is under attack . Just below this is the upper trend channel line from August 2018. Other supports on the daily chart are the simple 50-day average line and the psychological mark at $ 1,300.
Decisive is today's closing price. If the defense of the medium-term uptrend succeeds, the gold price could trigger a counter-move towards the trend straight at $ 1,325.
RSI and STOCH-RSI are heavy over selled and MACD is showing bullish crossing of baselines which is bullish indicator for further price movement.
Good luck to all and have a nice weekend !
Order cancelled:
price has not defend the important support line - new gold analysis following soon
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
