Gold price showed negative trading yesterday affected by some negative momentum that turns into positive momentum now, and the EMA50 provides good support for the current trading.
This allows us to keep our overall bullish trend outlook, waiting to test 1400.00 barrier followed by 1450.00.
Risk limit will be below 1350.00.
Comments
fxdtrade
⋅
I think the bearish movement will continue to 1300-1315 levels
FXHighway
⋅
Totally agree if we got a daily close below 1352.00
UnknownUnicorn56139
⋅
So if I follow your chart, a pullback after a channel top test follows the 50 day ema and then continues upwards for another channel top test. If*** this pattern were to repeat , then I should look for a breakout in early April.
FXHighway
⋅
You have a point, and thanks for sharing your chart ..
On a longer term outlook, 1300.00 is the key to keep the bullish trend valid on the short term basis, and 1155.00 for the long term basis, and I appreciate if you can take a look at my longer term chart published yesterday, through this link:
I saw the long term chart. Looks like gold will retest the green trend line. Looking for a pullback, and consolidation now. Trades are of a small term nature now.
FXHighway
⋅
I agree with you .. Your green line could meet a 38.2% fibonacci level for the bullish wave that started with the last day of 2013 to 1392.00 level..
Waiting to consolidate above , and some positive momentum to assist regaining the main bullish track
UnknownUnicorn56139
⋅
Long out even longer, even in an uptrend, a rate of rise such as the recent creates a pullback, if** green line broken.