Gold: Inside Week Above Key Retracement
Gold rallied in March and April. Now, after a pullback, some traders may expect further upside.
The first pattern on this weekly chart is the breakout above the 2020 peak of 2075. XAUUSD proceeded above 2440 before stalling, but held a 50 percent retracement of the move. That may confirm an ascending trajectory.
Second, price just completed a bullish inside week. That may suggest its uptrend is poised to continue.
Turning to the daily chart, gold made a higher low on June 7 versus May 3.
Stochastics are also trying to climb from an oversold condition.
Finally, you have the configuration of the 50-, 100- and 200-day simple moving averages (SMAs). The faster SMAs are above the slower ones, which is potentially consistent with a longer-term uptrend.
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Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
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The first pattern on this weekly chart is the breakout above the 2020 peak of 2075. XAUUSD proceeded above 2440 before stalling, but held a 50 percent retracement of the move. That may confirm an ascending trajectory.
Second, price just completed a bullish inside week. That may suggest its uptrend is poised to continue.
Turning to the daily chart, gold made a higher low on June 7 versus May 3.
Stochastics are also trying to climb from an oversold condition.
Finally, you have the configuration of the 50-, 100- and 200-day simple moving averages (SMAs). The faster SMAs are above the slower ones, which is potentially consistent with a longer-term uptrend.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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