Gold looks set for a sharp end to the year
Comments from U.S. President Donald Trump were the catalysts behind latest gold’s rally. Trump raised doubts over U.S.-China trade talks after he said a trade deal with China might have to wait until after the 2020 U.S. presidential election.
Now, the next few days will be critical for the yellow metal. If gold finishes the week above $1,500, then the odds support a bottom on November 12th at $1,455.55. But if futures rollover between now and Friday, then we could see one final decline.
Because the MACD (moving average convergence divergence) index generated a crossover buy signal, the medium-term momentum has turned positive. And our preferred scenario is for Buy position with nearest TP at $1,500 with SL around 1,465. In case of bullish breakthrough above $1,495 - 1,500 (H4 resistance trend line and psychological level), the next our target is at 1,519.65 (October's high).
On downside, first support is sitting around $1,461/3, where are located 50-day and 100-day SMAs on 4-hour chart. A break there will extend the bearish pressure for testing $1,455.55.
Also, don’t forget the gold's seasonality, which is typically most pronounced in January.
If you are agree with our analysis, please like it.
Now, the next few days will be critical for the yellow metal. If gold finishes the week above $1,500, then the odds support a bottom on November 12th at $1,455.55. But if futures rollover between now and Friday, then we could see one final decline.
Because the MACD (moving average convergence divergence) index generated a crossover buy signal, the medium-term momentum has turned positive. And our preferred scenario is for Buy position with nearest TP at $1,500 with SL around 1,465. In case of bullish breakthrough above $1,495 - 1,500 (H4 resistance trend line and psychological level), the next our target is at 1,519.65 (October's high).
On downside, first support is sitting around $1,461/3, where are located 50-day and 100-day SMAs on 4-hour chart. A break there will extend the bearish pressure for testing $1,455.55.
Also, don’t forget the gold's seasonality, which is typically most pronounced in January.
If you are agree with our analysis, please like it.
Trade closed: stop reached
✅ JOIN FREE TELEGRAM: t.me/trendlinefreetrade
❓ If you got questions: t.me/Semkov
💰 PAID SIGNALS AND ANALYSIS: t.me/Semkov
💡 If you want to know on what basis we make our entries, get in here: t.me/trendlinefreetrade
❓ If you got questions: t.me/Semkov
💰 PAID SIGNALS AND ANALYSIS: t.me/Semkov
💡 If you want to know on what basis we make our entries, get in here: t.me/trendlinefreetrade