InvestWright
Short

GOLD - Week 37 Outlook

COMEX:GC1!   Gold Futures
From unclarity to a glimpse of hope on the trade war front investors and traders sell off their holdings in Gold for risk-on investments. We saw Gold close down almost a whole percent (-0.94%) for the week, the second in a row. Friday a slight pop up in Gold (+0.66%) and then closed off the day down -10.5 points, solidifying the continuation.

From a technical perspective, Gold failed twice off the $1,550 to $1,560 area on the daily chart creating a bearish double top pattern to the downside, not quite $1,500 but still moving lower. On the weekly chart, we have not seen two weeks of bearish candles since April, further highlighting possible correction.

Our outlook is the movement down to $1,500. From there we could see continual correction as it may hold until more U.S. - China data comes out. If a deal is made we could see swift movement lower with more risk-on investors moving to equities. However, if we don’t break through the 4-month-old channel low, we can still see rallies upwards to $1,600 before a lower move.

Short term play is a bounce off of $1,500.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out