Gold - preparation for the next small run
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
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