March
passed and the candlestick that formed on the monthly time frame below the
resistance level at $1280 is definitely a spinning top. It is very possible
that is a signal that Gold will once again start falling, especially if it
breaks below the support at $1200, which coincides with (MA)89 on the monthly
time frame. A breakout below that level would lead to a further drop to the
next level of support, which is at $1165. If it breaks below that level in turn
it could continue falling all the way to the support at $1060. All that said, I
would wait and see whether there will be a breakout below $1200 before I open
new short positions.
I too think Gold will continue falling.
ReplyDeleteThat’s good to know, thank you
ReplyDeleteStill far from a relevant support.
ReplyDeleteBoston Federal Reserve President Eric Rosengren comments that the Fed should hike rates sooner rather than later, which made gold continues its negative tone.
ReplyDeleteUptrend still in place.
ReplyDeleteGreat post! Thank you!
ReplyDelete