Gold is keeping its downward movement easily toward 1180 as foreseen.
The precious metal is bellow MA15, MA50, and didn't break yet the two trend line, blue is the long term one, and yellow is the medium term line.
The key level is 1180. The precious metal may very much go bellow that level for macro economic or political reason.
The main macro economic reason is the timing of when FED will increase it's interest rate vs ECB's ability to important inflation in Eurozone thrue a hidden devaluation of EURO. One should be sceptical about ECB's tactic baring in mind that if ECB is trying to import inflation by devaluating its currency, commodities price are also falling sharply, WTI or Brent price may be a benchmark. Will the price remain low or not? This is another question.
On the political aspect, Hong-Kong and the stance of China against the protest may also shape the price of XAUUSD.
On a purely chartist approach, RSI isabout the be at the oversold level where as STOCH is already at the edge of an overbought level. This means that, there is still volatility but the overall move will be on the down side.
The precious metal is bellow MA15, MA50, and didn't break yet the two trend line, blue is the long term one, and yellow is the medium term line.
The key level is 1180. The precious metal may very much go bellow that level for macro economic or political reason.
The main macro economic reason is the timing of when FED will increase it's interest rate vs ECB's ability to important inflation in Eurozone thrue a hidden devaluation of EURO. One should be sceptical about ECB's tactic baring in mind that if ECB is trying to import inflation by devaluating its currency, commodities price are also falling sharply, WTI or Brent price may be a benchmark. Will the price remain low or not? This is another question.
On the political aspect, Hong-Kong and the stance of China against the protest may also shape the price of XAUUSD.
On a purely chartist approach, RSI isabout the be at the oversold level where as STOCH is already at the edge of an overbought level. This means that, there is still volatility but the overall move will be on the down side.
