Gold update - how to trade - simple setup
From a chart technical point of view there are the following things to consider:
1. possible H&S formation, wait for outbreak and confirmation
2. neckline is also important and strong short term support
3. Gold has already posted its biggest loss since August 2018
4. too many political uncertainties in the world which move the gold price up usually
5. RSI is showing first small up trend support which has to be confirmed
6. important price action in the drawn the box. 100D moving average (blue MA) going to hit the price there.
Expect up movement if price holds above MA and expect down movement if it fall and close under MA fast.
7. Price hit Ichimoku cloud support in the current area which is another strong support
Before the weekend two things weighed on the gold price
1. the third Brexit negotiation
2. the trade negotiations between the US and China
to 1. ) also the third version of Theresa May for a planned Brexit was rejected by the parliament. Parliament now has time until 12 April to present a new plan. It remains exciting what comes out as a result. If there should still be no positive result, this should boost the gold market.
to 2. ) there seems to be further rapprochement between the US and China and a quick solution to the customs conflict is in sight. I personally believe that this dispute will drag on because both leaders of the countries are stubborn and do not want to admit anything to each other. If there is no solution in the near future, this should also give the gold price a boost
Enjoy your weekend :)
1. possible H&S formation, wait for outbreak and confirmation
2. neckline is also important and strong short term support
3. Gold has already posted its biggest loss since August 2018
4. too many political uncertainties in the world which move the gold price up usually
5. RSI is showing first small up trend support which has to be confirmed
6. important price action in the drawn the box. 100D moving average (blue MA) going to hit the price there.
Expect up movement if price holds above MA and expect down movement if it fall and close under MA fast.
7. Price hit Ichimoku cloud support in the current area which is another strong support
Before the weekend two things weighed on the gold price
1. the third Brexit negotiation
2. the trade negotiations between the US and China
to 1. ) also the third version of Theresa May for a planned Brexit was rejected by the parliament. Parliament now has time until 12 April to present a new plan. It remains exciting what comes out as a result. If there should still be no positive result, this should boost the gold market.
to 2. ) there seems to be further rapprochement between the US and China and a quick solution to the customs conflict is in sight. I personally believe that this dispute will drag on because both leaders of the countries are stubborn and do not want to admit anything to each other. If there is no solution in the near future, this should also give the gold price a boost
Enjoy your weekend :)
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
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