Gold - testing triangle LT trend line - 1360 $ or 1240 $ -1H buy

Updated

After last two weeks correction the price dumped within one week around 50 $ down to 1280 $ which is a lot for gold in this short time frame. Last week a lot of investors cumulated gold in this price area which is in generell good bullish indicator. In long term view price jumped last week again within this big drawn triangle (one week chart) and formed a hammer candle in weekly chart which is also followed by bullish movement in generell. Price supported also by several weighted moving averages which going up (20,50 and 100 D WMA). Correction was finished after last weeks ECB interest rate meeting. They announced no up movement in interest rates until 2020 and more cheap money for business banks which dumped the EUR/USD pair down to 1.120 because there is now much more supply than demand for money. I expect now money transfers from currencys to gold or crypto gold. Price is testing currently important resistance and support - I have drawn the possible scenarios.

In the one hour chart I see possible breakout from downtrend line (after building bottom at 0,38.2 or 0,5 fibonacci support) which would implement up movement to at least 1305 $ and in best case for short term up to 1326 $

Good luck to all and have a nice week !

Trade closed manually

closed March 19 after double top

DK_Investment

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.

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