Gold: trading the wavy downtrend

Gold: trading the wavy downtrend

2021-03-01 • Updated

Disposition

Risky moods are still there in the market - that's why gold is still falling. The MAs are all aligned inversely and aim downwards, and the gold price trades consistently below them. Every now and then, it comes into the area between 50-MA and 100-MA every and cedes back the gains.

Recently, it made a serious dip to 1720 and bounced upwards. If the "algorithm" doesn't change, it's likely to go slightly above 1760 to meet the 50-MA and revert downwards.

Action plan

Watch the resistance of 50-MA and 1760 for signs of bearish reversal.

  • If the U-turn is confirmed, prepare to sell. 
  • If 50-MA is crossed upwards, that's a bullish challenge to pass the 100-MA and 200-MA - a possible mid-term uptrend alert.

XAUUSDH4.png

                                                                                                     LOG IN

Similar

Careful with gold longs
Careful with gold longs

Gold managed to rally yesterday on the back of the US inflation data which posted the highest reading since the 2008 financial crisis,

EUR/USD: calm before storm on Thursday
EUR/USD: calm before storm on Thursday

US inflation report and ECB meeting will shake the market on Thursday. More opportunities for traders! Read the article to know how the market will probably react.

Eyes on Bank of Canada's decision today
Eyes on Bank of Canada's decision today

All eyes are headed toward the Bank of Canada today. Estimates point to no change both for the main rate and the ongoing QE which stands at $3B weekly.

Latest news

Gold's breakdown: what's next?
Gold's breakdown: what's next?

Gold price failed to break above $1900 last week and slid down. Read the article to see the technical outlook for the price!

Deposit with your local payment systems

Learn more

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera