Gold Value Consolidates Additional, Chart Stays Constructive

Gold (XAU) Value, Information and Chart:

Gold slips as market seize a risk-on bid.

Greater highs and lows dominate the Gold chart.

Q1 2019 Gold Forecast and High Buying and selling Alternatives

Gold’s sell-off from Wednesday’s 10-month excessive stays intact as monetary markets proceed to commerce with a risk-on bias, boosted by US-China commerce hopes, whereas a resilient US greenback weighs on the valuable metallic. The mid-week sell-off might have room to increase additional however the Gold chart stays constructive and is prone to discover assist shortly earlier than it prepares to make a contemporary try on the January 2018 excessive at $1,366/oz.

Gold is at present heading in the direction of its weekly low round $1,320/oz. though in the present day’s value motion is muted. The medium-term outlook for Gold stays constructive with a sequence of upper highs and better lows confirming the upward development. The RSI indicator has reversed out of overbought territory, because it has achieved twice earlier than this yr, however sentiment stays constructive. Beneath this week’s low, the 20-day transferring common might present assist round $1,318/oz. forward of the present month-to-month low round $1,302/oz. If the sample of transferring greater, turning into overbought after which consolidating repeats itself for a 3rd time this yr, the newest downturn within the treasured metallic might show to be short-lived.

Gold and Silver Value Charts – Main Lengthy-Time period Ranges to Dent Rally.

Find out how to Commerce Gold – High Methods and Ideas

Gold Each day Value Chart (Might 2018 – February 22, 2019)

Gold Price Consolidates Further, Chart Remains Positive

Retail merchants are 69.2% net-long Gold in keeping with the newest IC Consumer Sentiment Information, a bearish contrarian indicator. Current modifications in day by day and weekly sentiment nevertheless give us a combined buying and selling bias.

Merchants might be all in favour of two of our buying and selling guides – Traits of Profitable Merchants and High Buying and selling Classes – whereas technical analysts are prone to be all in favour of our newest Elliott Wave Information.

What’s your view on Gold – bullish or bearish?? You may tell us by way of the shape on the finish of this piece or you may contact the creator at nicholas.cawley@ig.comor by way of Twitter @nickcawley1.

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