GOLD Minor technical correction before 1800-1820
Gold has been pulling back since the Nov. 16 top, which was made below the 1D MA200 (red line) as well as the 0.382 Fibonacci level of the March High.
The price is now below the 4H MA50 (blue line), which was supporting since Nov. 04. Having a Support at 1615 and a Higher Highs Resistance with teo tops, it looks as if the long term trading pattern is an Ascending Triangle.
The longer the price remains below the 4H MA50, the more likely it is to extend the correction as it did in October. The technical medium/ long term Supports are the 4H MA200 (orange line) and the 1D MA50 (green line) respectively. Until the 4H MA50 breaks, those latter MA levels are more likely to get hit.
If however the 1D RSI hits its Higher Lows Support first and rebounds, then it will be a stronger buy signal. Obviously the buy target is the 1787 Resistance and if the 1D MA200 breaks, then the Higher Highs Resistance, which is likely to get hit near the 0.5 Fibonacci level.
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The price is now below the 4H MA50 (blue line), which was supporting since Nov. 04. Having a Support at 1615 and a Higher Highs Resistance with teo tops, it looks as if the long term trading pattern is an Ascending Triangle.
The longer the price remains below the 4H MA50, the more likely it is to extend the correction as it did in October. The technical medium/ long term Supports are the 4H MA200 (orange line) and the 1D MA50 (green line) respectively. Until the 4H MA50 breaks, those latter MA levels are more likely to get hit.
If however the 1D RSI hits its Higher Lows Support first and rebounds, then it will be a stronger buy signal. Obviously the buy target is the 1787 Resistance and if the 1D MA200 breaks, then the Higher Highs Resistance, which is likely to get hit near the 0.5 Fibonacci level.
Follow us, like the idea and leave a comment below!!
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