Long term trend: Up
Medium term trend: Down
Significant Levels: 1250 (Horizontal Support), 1310 (Horizontal Support), Downtrend Line, Fibonacci Retracement
Recently, the price has gone up. We can see in the chart that the market respected the downtrend line. The price rejected it and moved down. Currently, the price is near the support area. Although the price has gone up, we are still bearish on this market. But if the price completely breaks the trend line and our current resistance, which is 1310, we will consider of going bullish here.
Take note that we are bearish for the short to medium term, but for the long term, we are bullish. The Fibonacci Retracement was drawn on the monthly chart. We can see how the market reacted to the 38.2% retracement. It rejected that significant level which indicates that the bulls took control.
To summarize, we are bullish on gold in the long term, but bearish in the medium term. If the price completely breaks both the trend line and resistance, we will consider changing our medium term view of this market. Definitely, the 1180 price level and the 38.2% retracement in the monthly chart is a very solid support. If the price breaks both levels, we will be also bearish in the long term.
Trade well.
Medium term trend: Down
Significant Levels: 1250 (Horizontal Support), 1310 (Horizontal Support), Downtrend Line, Fibonacci Retracement
Recently, the price has gone up. We can see in the chart that the market respected the downtrend line. The price rejected it and moved down. Currently, the price is near the support area. Although the price has gone up, we are still bearish on this market. But if the price completely breaks the trend line and our current resistance, which is 1310, we will consider of going bullish here.
Take note that we are bearish for the short to medium term, but for the long term, we are bullish. The Fibonacci Retracement was drawn on the monthly chart. We can see how the market reacted to the 38.2% retracement. It rejected that significant level which indicates that the bulls took control.
To summarize, we are bullish on gold in the long term, but bearish in the medium term. If the price completely breaks both the trend line and resistance, we will consider changing our medium term view of this market. Definitely, the 1180 price level and the 38.2% retracement in the monthly chart is a very solid support. If the price breaks both levels, we will be also bearish in the long term.
Trade well.