16.55 is a major support, while this level is not broken, the Midterm wave will be uptrend.
While the RSI support #1 at 48 is not broken, the probability of price decrease would be too low.
A trough is formed in daily chart at 15.95 on 08/01/2019, so more gains to resistance(s) 17.20, 18.10 and more heights is expected.
Looking at weekly chart, down trend of gold was long over and has recently break out long side trend as well. Gold has formed breakout pattern on weekly chart, where it has surpassed strong resistance of $1365 (facing since February 2016).. If we look at long-term investment horizon 3-4 years, Gold is ready to take off for new all-time high. Targets are determined...
15.60 is a major support, while this level is not broken, the Midterm wave will be uptrend.
The RSI bounced from the support #1 at 48 and it prevented price from more losses.
A trough is formed in daily chart at 14.89 on 07/05/2019, so more gains to resistance(s) 17.20, 18.10 and more heights is expected.
Price is above...
. There is a possibility of temporary retracement to suggested support line (1357.42). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. Gold is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
looking at the chart and price action combining fundamentals together I see gold could almost reach near to life high ( no where i say it will make a life high) IN NEXT 1 AND HALF YEAR ( 18 months) time period
Gold finally paused after the stellar rally as it moved in a range of $55 cradled between the support and the resistance posting a negative return of $10 after 6 weeks. The fall was on account of better than expected payroll data which reduced the likelihood of a rate cut in the next Fed meet allowing the dollar index to move higher. But even amongst such...
GOLD chart as it appears is a classic case of Symmetrical Triangle Breakout Up. It has given a breakout in the month of June 2019 & as per expectations is trading upwards since then. The volume at breakout was not significant but is slowly picking up pace. Though a throwback upto $1300 in short term cannot be ruled as the RSI & Stochastic have entered overbought...