![]() Important Disclaimers The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. ![]() Following the completion of this week, this week’s high can also be used going forward as a weekly bullish signal would be provided.įor a look at all of today’s economic events, check out our economic calendar. Therefore, a daily close above that price level, also a six-day high, provides a more solid indication that demand for gold is increasing and that the bearish correction is likely over. We will use the first solid test of resistance of the 100-Day line that occurred last Wednesday with a high of 1,940 as a proxy for the prior support shelf. However, given the time that gold consolidated around support of the 100-Day EMA on a way down, that price area should provide a more solid pivot to use to indicate that a bullish reversal is more likely to hold and sustain a trend of rising prices. Possible Bullish Candle for WednesdayĪssuming today completes with a bullish candlestick pattern, additional signs of strength begin to take hold with a daily close above today’s high of 1,917. Certainly, as it looks now, it could easily test support of the 200-Day EMA before this correction is over. Other than the couple of bullish points mentioned in the first paragraph, gold remains bearish short-term and in a clear downtrend. Further, it was tested successfully as support with a double bottom in the first quarter. If today’s low is exceeded to the downside the 200-Day line is the next possible support area and it is significant given its long-term nature. A little lower is the 200-Day EMA long-term trend indicator at 1,896. Support was seen near the internal uptrend line which has been highlighted in the past as a potential support area. ![]()
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