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  • Gold: General Trend Still Bearish

    From dailyforex.com

    Investors abandoning the dollar was an opportunity for the price of gold to move higher, but its gains did not exceed the resistance level of $1745, where it is stable as of this writing. Demand for safe-haven assets increased amid a weak dollar and falling bond yields. The US dollar hit its lowest level in nearly two weeks as growing optimism about economic growth weakened demand for the currency. Yesterday, gold futures ended up $14.20, the highest settlement in more than five weeks. In the same performance, silver futures contracts ended higher at $25.227 an ounce, while copper futures settled at $4.1165 a pound. ... (full story)

  •  Guest
  • | IP XX.XXX.30.44
Well this is the first time you would concede that the 1959 geometry rules. You are indeed right, and right now (at the time of post) and as indicated elsewhere on the site much earlier, Gold is falling in a critical test of the thesis that it is in a sustainable uprising. We can expect the traders driving Gold up to reposition about 1713 and hope they do not get overrun. Else, if 1713 (the weekly average price line) fails to hold the immediate flow down, we are quickly back to the 1959 geometry. But if the traders driving Gold up can hold the line at 1713 and effectively return Gold to trend upwards, then clearly they would aim first to break 1755 and next run to about 1847 the new quarter average price line to query direction beyond that level. That is about the time one would really want to look at Golds prospects for the rest of the year (and maybe beyond).

The Crow (-_-)
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  • | IP X.XXX.174.50
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  • Posted: Apr 7, 2021 6:28am
  • Submitted by:
     Newsstand
    Category: Technical Analysis
    Comments: 1  /  Views: 146
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