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2021-07-29 • Updated
As we discussed in the previous article devoted to gold, the price is growing extremely fast after a dovish FOMC’s statement.
4H Chart
Let discuss perspectives of yellow metal in a short-term period!
Daily chart
On the 4H chart, the symmetrical triangle has occurred. According to the RSI, oscillator bulls have enough power to push the price higher. Right now we need to wait for a breakout since gold is trading under our first target from the previous article, which is strong resistance. As soon as the price breaks and sticks above the $1830, which is the cross point of 38.2 Fibonacci level and 50-day moving average, it will fly to $1870 shortly.
On the flip side, it might slide down to the 50-period average at $1810.
Besides US Retail Sales data, Australian Unemployment Rate and New Zealand GDP this week will bring us Quadruple Witching – one of the four most important days of a year for futures and options!
During this week gold has been consolidating in the $1807-$1820 range waiting for the US jobs data announcement…
Daily Chart 4H Chart Gold began the week higher breaking multiple resistance areas, including 1780 followed by 1800 and closed yesterday's trading above 1800 for the first time since the flash crash that happened few weeks ago…
US stock market corrects, gold recovers and the crypto market drops hard! Best trade opportunities during this week in the article! Let’s check the charts and set some goals! NASDAQ (US100) US100 index plunges as the US dollar strengthens…
The US broad-market index, S&P 500, has been pressed below the 50-day moving average for the first time since March! Why?
GBP/USD is moving inside the ascending channel. Since it’s in the lower part of this channel, the pair should reverse up and continue moving in zig-zag.
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