GOLD, technical long term view


The precious metal has stuck after Brexit in between 1300 and 1375 for two months, with formed descending triangle and down trend line as strong resistance on the way up and with 1300/10 as a strong support on the way down. Possible break on the way up could be short term successful, as we have strong resistance at 1352/57, but it would be a first step to reach the resistance at 1365/75 once again. If that level could be broken, that would be the sign of possible furder gain toward 1400 and with 1365/75 as a possible stronger support latter on. On the way down, only break bellow the support at 1300>1290 could lead toward 1250 and daily MA200. Gold is neutral for now if you take a look on this chart and it’s possible to continue to move on true this channel 1300/1375 in the next two months as well. In the last couple of days, it’s steady at 1335 with no intention to move somewere. How do you see this?


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s