the daily chartist

Troubles for Gold

published 2 years ago
Gold Daily

 Gold took a short way South as the price was pushed down after FED events on Wednesday, breaching 1190 and going inside the demand zone, which failed to endure and gave further motivation for the Bears to move in and longs to be covered from the buyers. Movement pushed below and made a closing, on Thursday which may be confirmed today and if so we can see a resumed sell-off on Monday. Have and mind that as it is typical with Gold, after the strong impulse down we may see a break from the Bears and Bulls moving in for a bit to test now the broken support which turned to a supply zone. There, with enough pressure from the sellers, buyers won't be able to push further up and they will fade away, leaving fresh sell orders flowing through the gold market and pushing the price further down. I would wait for today's closing and if it is confirmed clearly, I would enter a short trade on Monday opening to catch the movement as early as possible. 

 At this point, you can restrain yourself from taking further actions, because as I've mentioned I was more to a sell sentiment from my previous analysis and if you are aggressive and risky, you might sell it straight away on Tuesday straight away. If you are sure now, you can sell even today as well, but placing a stop limit at 1187.49 to catch the new movement down is a good idea as well with a stop loss at 1195 and take profit at 1159. 

 With that, I am doing the last forecast and cover up for this week as over the weekends I will be out of town and will resume of course on Tuesday. Enjoy a lovely weekend all and stick tightly to those stop losses.