This week in the financial markets have continued current trends, which involves declining of the US dollar, strengthening Euro and Gold. The market seems to be gravitating towards “safe havens” like Gold and Yen.
From a technical standpoint, Gold is moving inside of a strong upswing visible on several timeframes, and now is located slightly below the 3000 area and is positioned below the upper band of the Bollinger bands indicator with a parameter of 50. So, it’s possible to observe another peak with the price testing 3000 - 3050 area, after which it may consolidate and retrace back to the range.
As the sentiment remains strong, it’s difficult to spot the exact peak, so short positions would be dangerous, and a trader should be cautious and wait for clear patterns of reversal before initiating any mean-reversion trade.
Don't forget - this is just the idea, always remeber to manage your risk!
From a technical standpoint, Gold is moving inside of a strong upswing visible on several timeframes, and now is located slightly below the 3000 area and is positioned below the upper band of the Bollinger bands indicator with a parameter of 50. So, it’s possible to observe another peak with the price testing 3000 - 3050 area, after which it may consolidate and retrace back to the range.
As the sentiment remains strong, it’s difficult to spot the exact peak, so short positions would be dangerous, and a trader should be cautious and wait for clear patterns of reversal before initiating any mean-reversion trade.
Don't forget - this is just the idea, always remeber to manage your risk!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.