Gold - sell on 4H - entry 1310 $ & target 1296 $
Updated
Technical view:
-first 4 hour candle which shows strong resistance after very strong uptrend breakout
-RSI is already in heavy overbought area which brings sellers into the market
-MACD baselines are near strong resistance and bearish crossing which would bring also sellers into the market
-50 day moving average crossed 200 day MA upwards which is long term bullish indicator but in short term I expect a first correction to at least take profit 1
-wait for several candle closes under 1310 $ before entering this trade
Fundamental view:
The duty rates threats by US President Donald Trump have once again caused turbulence on the stock markets. Investors fled to with their capital to gold on Friday: The price of gold rose by up to 1.4 percent to 1305 dollars per ounce.
The gold price was further driven by reports that China wanted to draw up a penalty list of "unreliable companies" that were damaging to the interests of Chinese companies.
Investors are also increasingly relying on German government bonds, which are considered to be safe. The yield on ten-year securities fell to a record low of minus 0. 212 per cent.
-first 4 hour candle which shows strong resistance after very strong uptrend breakout
-RSI is already in heavy overbought area which brings sellers into the market
-MACD baselines are near strong resistance and bearish crossing which would bring also sellers into the market
-50 day moving average crossed 200 day MA upwards which is long term bullish indicator but in short term I expect a first correction to at least take profit 1
-wait for several candle closes under 1310 $ before entering this trade
Fundamental view:
The duty rates threats by US President Donald Trump have once again caused turbulence on the stock markets. Investors fled to with their capital to gold on Friday: The price of gold rose by up to 1.4 percent to 1305 dollars per ounce.
The gold price was further driven by reports that China wanted to draw up a penalty list of "unreliable companies" that were damaging to the interests of Chinese companies.
Investors are also increasingly relying on German government bonds, which are considered to be safe. The yield on ten-year securities fell to a record low of minus 0. 212 per cent.
Trade closed: stop reached
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.
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