High gold prices for the third consecutive day impact of the continuing fears of a slowdown in the international economy
High gold prices for the third consecutive day impact of the continuing fears of a slowdown in the international economy
Once again, the price of gold goes up today for the third time in a row to coincide with the decline in the Chinese stock index, where record losses by -6.41% during the Asian session. Falling stock prices and the increasing risks in the market to support the demand for the yellow metal if gold surged by 1.31% to trade at $ 1236.15 per ounce. Gold is trading at its highest level for waves despite profit-taking during the previous week as the yellow metal proved once again for cohesion above US $ 1,200 area which we have not seen for almost a year. It is true that the wave height, which began its price since mid-January the previous need to break important resistance for the continuation of the upward trend lines. US $ 1250 line is a line closest and most important resistance, it must penetrate to the price barrier for traders and moral stability above this line to be able to realize the seriousness of the price of a wave of headroom. It can be a true reflection of the price under US $ 1,200 region and which also constitute a significant barrier for traders. Risk appetite on the one hand, and fears of a slowing economy on the other hand are the reasons that drive the price of gold in this period. With the absence of high inflation rates and the emergence of Corrections on the US dollar index, gold derives its strength from the absence of risk appetite in the markets and the Bata international economy.
Today's strategy on Gold Prices
Baseline scenario: buying centers above the level of US $ 1220 with a primary goal of the 1254 and 1264 line as a target Tali.
Opposite scenario: below the level of US $ 1220, you can search for increasingly lower with the 1207 and 1200 line of core goals.
Pivot Point: 1220 USD
Comment: the RSI tends to climb.
note: Past performance does not indicate a future observation results that the information contained on this site are for retail customers only, and is not eligible for any of the participants (ie institutional clients) as defined in the Commodity Exchange Act §1 (a) (18).
Support and resistance lines
Support 3 line
2 line support
Support 1 line
Current price
Line resistance 1
Line resistance 2
Line Resistance 3
gold prices
1200.00
1207.00
1220.00
1240.00
1254.00
1264.00
1280.00
