By ForexTime
This is reflected in the daily timeframe where prices are busy with an impulse in the current downtrend. Bears seem to be aiming for the next weekly support level around 1931.35 with the negative momentum increasing after the solid daily close below the psychological $2000 level. Nevertheless, looking at the 4-hour timeframe might give more insight into what to expect from the precious metal over the next few sessions.
Before we take a deeper dive into the technicals, it is worth keeping in mind that fundamental forces could impact the precious metals’ outlook this week.
A softer-than-expected inflation figure may support gold, while a higher-than-expected figure has the potential to drag the precious metal lower.
The 4-hour chart validates the daily scenario with a downtrend in progress. The bearish impetus is further confirmed by the price being below the 50 Exponential Moving Average. Both the Momentum Oscillator and the Moving Average Convergence Divergence (MACD) are also beneath their respective base lines.
Free Reports:
Attaching a modified Fibonacci tool to the trigger level below the last lower bottom at 1975.75 and dragging it above the 50 Exponential Moving Average at 2039.91, four possible targets can be determined:
If the price at 2039.91 is broken, this scenario is no longer valid.
ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com
By JustMarkets At the end of Friday, the Dow Jones Index (US30) was up 1.18%…
By InvestMacro Here are the latest charts and statistics for the Commitment of Traders (COT)…
By InvestMacro The latest update for the weekly Commitment of Traders (COT) report was released…
By InvestMacro Here are the latest charts and statistics for the Commitment of Traders (COT)…
By InvestMacro Here are the latest charts and statistics for the Commitment of Traders (COT)…
By InvestMacro Here are the latest charts and statistics for the Commitment of Traders (COT)…
This website uses cookies.