vanimator
Long

Gold’s weekly outlook: Feb 12-16

TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold             again slipped in a volatile trade as it kept on with the volatility in equities which may be the cause of the fall but it certainly differs from general outlook of gold             being a safe haven in such times. Gold             had a swing of $40 which tested both the support and the resistance before settling in for a cut of nearly $20 for the week. Such a reaction of yellow metal gives weak signals for the prices ahead but again it held on to the 10 day moving average and surged higher.

On the chart –

Gold             had a volatile week giving opportunities to both bulls and bears but ended up favoring the bears yet again for the second consecutive week. Gold             held on the key support of $1308 in the $1300s which must be held for the prices to move up again. We have 2 scenarios –

1. As gold             held the support it bounced back in the last week, if this is held then gold             can move higher to $1317. If this point is crossed then it can go higher to $1331. If this resistance area is conquered then it can move towards $1345.

2. There are no short trades unless the support is breached and if broken the downside is limited to $1297.

Bullish view – Bulls lost the party again but were able to held on to the key support of $1308 in the $1300s which can help them to lead the surge again. The week started off in good fortune for the bulls as they climbed to $1345 before the steam was lost and it toppled lower to test the support at $1308. For bulls to remain in the game $1308 must hold and if held we can see the prices reversing the 2 week weakness.

Bearish view – Gold             broke through the support of $1317 and closed below it suggesting weakness in the demand of yellow metal. If the price falls below the support of $1308 it can go lower towards $1297 which is a key decisive point for the metal.

Possible trades are on both sides but largely on long side, gold             can be bought above $1320 for the targets of $1331 and $1345 with a stop loss placed below $1317.
There are no short trades unless $1308 breaks, and if it does still its limited to $1297.
Comment: $1308 held again showcasing bullishness intact in gold
Comment: Trade active
Comment: First bullish target met at $1331
Comment: Second bullish target met at $1345
Comment: Third bullish target met at $1362
Trade closed: target reached
@vanimator How can we be sure that it has held at £1331 in case we might want to close here? If not continue to next target.
Reply
vanimator monitorr
@monitorr, you can exit 50% of longs and carry for next target with a trailing stop loss
Reply
monitorr vanimator
@vanimator, of course, thanks for the good work and near perfect charts.
Reply
vanimator monitorr
@monitorr, You are welcome !!
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out