as declared in Gold's weekly chart is flashing long-term bear revival, i.e. the sell-off from the record high of $1,92.94 (September 2011 high) has resumed. The breakdown is accompanied by pick up in volatility from record low levels, Bollinger Band width indicates. ViewThe weekly chart shows a long-term bearish revival, so prices risk falling to/below $1,200 in the next six months. However, the bias would still remain bearish and only multiple weekly closes above the 10-week MA would abort the bearish view.
collected by :kiven Dixter
Gold Price Forecast: Yellow metal could regain some poise
Gold could see a corrective rally next week as CNY sell-off has stalled. The technical charts are also calling a temporary relief rally in gold prices. The gold price has recovered 1.5 percent from the one-year low of $1,211, boosting the odds of a strong corrective rally, technical charts indicate. A stronger rally to $1,265 (July 9 high) could be on the cards if the metal crosses the wedge resistance with strength (falling wedge breakout). Bull ScenarioThe metal may rise sharply above $1,265 if the US-China trade war turns into a full-blown currency war.Gold Price Forecast: Prepping for a corrective rally?
according to Wednesday's doji candle signals bearish exhaustion. Bull doji reversal would mean a short-term bearish-to-bullish trend change and could yield rally to $1,240-$1,250. Gold sellers have likely run dry and hence a minor corrective rally could be in the offing, technical charts indicate. Interestingly, the doji candle has been created along the falling channel support at a time when the relative strength index and stochastic are reporting oversold conditions. However, only a close today above $1,229 (previous day's doji candle high) would confirm a short-term bullish trend reversal.collected by :kiven Dixter
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