Fundamental / Psychological Analysis
The feared economic war and a weakening economy have helped in recent weeks to push up the price of gold. Currently it looks like an agreement between China and the US and after a continuation of the current employment / capacity utilization of the industry.
Technical Analysis
gold is currently in a sideways channel, on a larger time frame within an upward channel. There has been an inverse H & S formation but within an uptrend and not within an downtrend as usual. We have seen twice a trend reversal from 0.5 Fibonacci zones followed by a fast price spike. I expect the same and an early breakout to about 1253 $. From here you can expect a new correction down to 1244 $
RSI: within an upwards channel and space to grow up
MACD: near the baseline but still bullish. An jump above the baseline is an good bullish indicator
The feared economic war and a weakening economy have helped in recent weeks to push up the price of gold. Currently it looks like an agreement between China and the US and after a continuation of the current employment / capacity utilization of the industry.
Technical Analysis
gold is currently in a sideways channel, on a larger time frame within an upward channel. There has been an inverse H & S formation but within an uptrend and not within an downtrend as usual. We have seen twice a trend reversal from 0.5 Fibonacci zones followed by a fast price spike. I expect the same and an early breakout to about 1253 $. From here you can expect a new correction down to 1244 $
RSI: within an upwards channel and space to grow up
MACD: near the baseline but still bullish. An jump above the baseline is an good bullish indicator
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
