The trendline is broken.
We have short positions based on bearish XABCD harmonic pattern - see attached -
A nice short opportunity at the retest of the broken line.
we will post the detailed analysis later-This is just a quick reminder that we still beleive that precious metal sector is very bearish for the mid-and long term
Please, note-We do believe the major turning point in gold -0.37% and silver -0.35% is about to come in coming months but before that happens it's crucial to understand that the precious metals sector ...
Industrial and Commercial Bank of China forecasts gold to have a limited upside potential. It estimated gold prices to average from $1,260 to $1,320 in 2019.
TA: RSI- Remain 62.8 Intraday.
Technical Analysis and Outlook
Gold closed higher on Wednesday. The high-range close sets the stage for a steady to lower trading on Thursday's session. The overbought but continuously in bullish trend Gold is signaling that lower prices are intact near-term following the Gold Rally $1248 completion (Stage 1) move on Dec 7, 10, with Dec 11 Key Resistance $1248 ...
XAUUSD broke the support and is heading to lower levels to retest the trend to move forward.
Short term drop was expected. We had open positions since 1250 levels, where we do our TP at 1237 Levels.
Currently I am waiting for gold to give some confirmation as to if it will continue bullish or turn against daily resistance and head south. Gold currently has daily bulls momentum, If price breaks to the upside I will be waiting for a pullback for entry. Gold is also creating lower highs on the 4hr, if price breaks under the light grey box I will enter after it ...
Gold price is widely followed in financial markets around the world. Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a flat currency system in which paper money doesn't have an implied backing with any physical form of monetization. AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.
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