Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Gold Gets Bold At The Lows

Published 2018-10-03, 09:49 a/m
Updated 2023-07-09, 06:32 a/m

Gold has spent the best part of the year under heavy selling pressure, but several clues point towards its potential to break this trend.

Gold/USD

We can see on the weekly chart that bears have had a field day since the 2018 high. Most notably, its fall from 1365.01 to 1160.25 showed little in the way of pullbacks, and even the subsequent rebound has been modest as far as corrections are concerned.

Now trading back within range, we’re closely watching developments on the daily chart for a break higher. We note that the four most volatile sessions since the 1160.25 low have been bullish, and it crossed above its bearish trendline by yesterday’s close. That said, we’d prefer to see some follow-through as it remains very close the trendline, and we’d like to see it break above 1214.35 before assuming a change of trend.

Either way, the 1183.20 – 1214.35 zone remains a key focus as a decisive break beyond it could mark its next major move.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.