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Good day traders!
Gold daily
Technically;
- Good news first; the yellow metal closed the day above the 200 EMA. A potential bull is in the fray.
- Daily RSI is slightly above the equilibrium level; with its direction points lower.
- Gold’s Friday were mixed, with both bulls and bears trying to get their stamp on gold. A glimpse through the H1 chart will tell you something:
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Gold H1
- Fibonacci level 23.6 at $1629 is the first support for gold. Next in line are fibo level 38.2% ($1609), the all important psycho level $1600, fibo level 50.0% ($1592), fibo level 61.8% ($1576) and Dec low at $1522.
- Resistance are found at $1641, $1661, $1677 and psycho level $1700.
- As long as gold stay above the 200 EMA , the bull momentum could potentially continue.
- On the other hand, a quick study on the weekly chart suggest that gold is in the descending triangle pattern. A break below the $1600 would potentially bring more weakness to gold, with its Dec low $1522 as the next target. Meanwhile, a break above the slopping trend line would targeted the $1661 level, its weekly high. Next on the list is the psycho level$1700.
- RSI weekly is still below 50 but the direction remain important.
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Gold weekly
A break on every support and resistance levels are very crucial as technically, all signals are mixed up. Fundamental analysis is the next best thing to rely on.
Happy piping!
Shufaad.
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Trading Philosophy
“Unnecessary fear of a bad decision is a major stumbling block to good decisions.”
— Jim Camp: Renowned negotiations trainer and coach
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