the daily chartist

Gold recap for 01.02.2016

published 5 years ago
Gold Daily

In June, Gold broke the triangle on the daily chart, tested the neck line at 1078.047 successfully and confirmed that it will make new highs. Still the commodity looks like in a correction mode, crawling around the top line of the wedge. Backed by risk-off, China slow-down, made Gold shine again as investors found safe-haven. It is still early to say if Gold is braking out from its slumber to start a new bull trend in the long-term. Still more indicators are need as braking up towards 1200 and 1300 levels, more indications that the World economy is slowing further and going into a new all-out recession. Price may stall on the current levels and make a correction down towards 1100 and even 1088.042, before continuing up. The triangle itself is already priced-in from the market and Bullion may lose steam now. Fundamentals aren't that strong to back up a sure gold movement in an exact direction, so technicals will be dominating.