Gold - market must confirm a bottom - where to buy
The US labour market has send last Friday irritating signals: instead of the expected 175,000 new jobs - which was already well below the April figure - only 75,000 jobs have been created. The figures for April and March were subsequently corrected downwards by a total of 75,000. The unemployment rate remains at a historic low of 3. 6 percent.
The Fed will most likely announce a rate cut at the end of the month to strengthen the weakening American economy (due to the trade war with China). This should drive the gold price higher in the coming weeks. In the long run I see the gold price between 1530 and 1600 $ but in short term the market needs a bullish trend confirmation first.
-Market retraced after forming a double top on 4 H and is now searching for a bottom, possible bottom building at 1380 $, otherwise at drawn buy area.
-MACD baselines on 4 H crossed bearish which brings sellers into the market in medium term
-RSI on weekly chart retraced from trend line and looks like going into correction
-bearish volume breakout on 4H implements bearish trend reversal in medium term
-50 day moving average (yellow line) near 100 day moving average (blue line), expect fast market up movement if 50 day cross 100 day upwards
Good luck and a good start into the new week to all :)
The Fed will most likely announce a rate cut at the end of the month to strengthen the weakening American economy (due to the trade war with China). This should drive the gold price higher in the coming weeks. In the long run I see the gold price between 1530 and 1600 $ but in short term the market needs a bullish trend confirmation first.
-Market retraced after forming a double top on 4 H and is now searching for a bottom, possible bottom building at 1380 $, otherwise at drawn buy area.
-MACD baselines on 4 H crossed bearish which brings sellers into the market in medium term
-RSI on weekly chart retraced from trend line and looks like going into correction
-bearish volume breakout on 4H implements bearish trend reversal in medium term
-50 day moving average (yellow line) near 100 day moving average (blue line), expect fast market up movement if 50 day cross 100 day upwards
Good luck and a good start into the new week to all :)
Trade closed: target reached
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
