CFD Oro (US$/OZ)
Short

Engaging new Short after 4 profits on Short positions

174
Gold almost tested #1,491.20 Low yesterday, which is the first Support on Daily chart. What keeps Gold pulling back after every dip is USA-China trade settlement and weak DX. Since it got rejected at #1,504.20 and we are already on the second straight bearish Daily candle, I will treat that as a technical Double Top rejection with the next technical stop on the #1,484.20 profit zone. I remain Bearish targeting #1,482.20 and #1,455.80 in extension selling on every high. At this point I would like to share a key landmark on the monthly scale. Gold has been finally harmonized with DX on that long term chart as Gold is just below its 50% Fibonacci of #1,495.20 (December 2011 low - January 2012 high) while DX just above its 50% Fibonacci of 98.80 (January 2014 high - January 2015 low). That was why (along with the recent equity correction) Gold hasn't been following DX's movement after the August low. Bullish bias is only sustainable if #1,510.20 is broken, but by my calculations that won't happen. Bear market on Gold is inevitable.

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