Davod Amirkhani Najafabadi
Currently, price is looking to challenge key support around $1,480.00 and $1,482.40 and a break below those levels may precipitate a further fall in #gold in the short-term.
Davod Amirkhani Najafabadi
weekly timeframe helps to identify the next structure resistance level for targets and counter-trend trade
Davod Amirkhani Najafabadi
Gold is up by more than 1% on the day as safety flows dominate and price is extending gains for the year, reaching its highest level since May 2013.
Looking at the daily chart, price is still trading in an upwards channel and is testing levels near the topside of the trendline resistance @ $1,461.57. For buyers to find further momentum to the upside, they need to break above that.
The risk for a downside move is if price starts to fall back below the channel and trendline support seen just above $1,400 - a key psychological level as well.
Looking at the daily chart, price is still trading in an upwards channel and is testing levels near the topside of the trendline resistance @ $1,461.57. For buyers to find further momentum to the upside, they need to break above that.
The risk for a downside move is if price starts to fall back below the channel and trendline support seen just above $1,400 - a key psychological level as well.
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Davod Amirkhani Najafabadi
a move into the red today, and below the 1.1282 level would have traders looking for another run at the 61.8% target at the 1.12689 level. Below that the 100 day MA at 1.12588 has been a swing level for bulls and bears (see blue circled numbers). I would expect buyers (if tested) to lean.
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