Gold took a hammering this week due a rising dollar, as you can see we have been on a uptrend on gold the last few months due to all the political and economic uncertainty in the world. Gold is a safe haven asset and during times of Risk Off sentiment in the markets investor bid gold up, as they look to protect their capital from other markets.
As you can see we were currently making higher highs until a sudden dropped in price this is due to large markets players distributing their positions to other markets players. This move down would have been fuelled by buyers Stop losses being hit creating further selling pressure.
Gold broke $1300 on Friday which is a strong key level. we may fluctuate around this level before falling to $1280 or break above it, if we find new buyers and break above $1300 we may head up towards $1350.
I Like to keep my charts simple and understandable, you don't need indicators a lots of level drawing on with lines everywhere to see the psychology of the market.
Price Action is key !!
As you can see we were currently making higher highs until a sudden dropped in price this is due to large markets players distributing their positions to other markets players. This move down would have been fuelled by buyers Stop losses being hit creating further selling pressure.
Gold broke $1300 on Friday which is a strong key level. we may fluctuate around this level before falling to $1280 or break above it, if we find new buyers and break above $1300 we may head up towards $1350.
I Like to keep my charts simple and understandable, you don't need indicators a lots of level drawing on with lines everywhere to see the psychology of the market.
Price Action is key !!