From two weeks ago I expected to bull gold depending on couples of points, the most important one was the morning star pattern on weekly frame.
Now Im still believe that the bull has more power to push the gold a little more up before any correction.
my perspective stands one following points:
Technical:
1- Close price > pivot point of last week @ 1208.15 which is faire indicator to more push
2- close price bigger that 100 MA of Weekly time frame which give a signal will test the 50 MA weekly time frame
3- Close price upper than 38.2% Fib retracement level which give a good signal that the price will test 50% level
4- stochastic get away from oversold area which lead to test 50 level on stoch.
Fundamental:
1- Trump will be the american muscle motor for gold, and depending on his inauguration speech I think the inflation representative with CPI will increase soonest before the FED take any action, and as we know that Gold in a very good relation with inflation.
Note: my perspective will still on the table for long term, but I think there corrective coming soon.
Now Im still believe that the bull has more power to push the gold a little more up before any correction.
my perspective stands one following points:
Technical:
1- Close price > pivot point of last week @ 1208.15 which is faire indicator to more push
2- close price bigger that 100 MA of Weekly time frame which give a signal will test the 50 MA weekly time frame
3- Close price upper than 38.2% Fib retracement level which give a good signal that the price will test 50% level
4- stochastic get away from oversold area which lead to test 50 level on stoch.
Fundamental:
1- Trump will be the american muscle motor for gold, and depending on his inauguration speech I think the inflation representative with CPI will increase soonest before the FED take any action, and as we know that Gold in a very good relation with inflation.
Note: my perspective will still on the table for long term, but I think there corrective coming soon.