After a
week of sideways consolidation during which Gold formed several spinning top
candlesticks on the four-hour time-frame and as well as one on the weekly time
frame, all above the support at $1,125, today the precious metal sharply moved
to the upside and reached the resistance at $1,150, which coincides with the
(MA)89 indicator on the four-hour time-frame. Gold quickly bounced off that
level, forming a spectacular shooting star candlestick on the same time-frame.
The question now is whether it will continue moving to the upside. Considering
the shooting star candlestick on the four-hour time-frame it’s very likely to
continue retracing towards $1,135 - $1,130 for now. A new move north will be
confirmed only if Gold breaks above the aforementioned resistance at $1,150.
Excellent assessment as always.
ReplyDeleteHowever the downtrend looks intact.
ReplyDeleteIt seems that is pushing even higher.
ReplyDeleteInteresting read, thanks!
ReplyDeleteGold is lacking momentum and trading low.
ReplyDelete