Gold market update - sell on 4H entry 1280 $ - target 1255 $
Updated
market price broke out of triangle which implements further down movement if the price not jump back in triangle within next week. I see a major reason for the gold weakness in the bigger interest in riskier investments such as shares and cryptocurrency. The financial market players are currently apparently very relaxed and accordingly willing to take risks. The gold price is also burdened by slightly higher capital market interest rates. Although these have fallen since the beginning of the year, they have risen again in recent weeks. Gold has a major disadvantage over fixed-income securities because the precious metal does not yield interest.
- 50 day and 100 day moving average crossed 200 day moving average which is bearish signal.
- RSI bounced up - expect up movement until down trend resistance line
Open short after clear daily confirmation. Short entry is confirmed if daily candle close under triangle resistance line.
- 50 day and 100 day moving average crossed 200 day moving average which is bearish signal.
- RSI bounced up - expect up movement until down trend resistance line
Open short after clear daily confirmation. Short entry is confirmed if daily candle close under triangle resistance line.
Trade closed: stop reached
trailing stop reached at 1269
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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