Slobodan Drvenica
Windsor Brokers
GOLD
Spot Gold consolidates above fresh session low after it met targets at 1214/12 (Fibo 100% Expansion of wave C from 1270 and Fibo 76.4% retracement of 1190/1283 rally.
Yesterday’s sharp fall of $27, left long red daily candle, generating strong bearish signal.
Failure swing pattern was formed on daily chart, after the price fell and closed below former key support at 1225 (former higher base / Fibo 61.8% of 1190/1283 rally), signaling further downside action, as daily studies turned into bearish mode (daily 10,20 & 30SMA’s are turning south, with formation of 5/30SMA’s bear cross at 1237).
The third wave of five-waves pattern from 1283 peak, could extend through psychological 1200 support, towards 1195 (daily Ichimoku cloud top) and 1192, its 138.2% Fibonacci Expansion, which lies just above key short-term support at 1190 (16 Feb trough).
Meantime, correction on oversold conditions of near-term studies is expected to precede fresh weakness.
Initial resistance lies at 1223 (Fibo 23.6% of 1259/1212 downleg), ahead of former base and broken Fibo support at 1225. Extended rallies should be ideally capped at 1230 (Fibo 38.2% of 1259/1212).
Res: 1223; 1225; 1230; 1227
Sup: 1212; 1208; 1200; 1192
Spot Gold consolidates above fresh session low after it met targets at 1214/12 (Fibo 100% Expansion of wave C from 1270 and Fibo 76.4% retracement of 1190/1283 rally.
Yesterday’s sharp fall of $27, left long red daily candle, generating strong bearish signal.
Failure swing pattern was formed on daily chart, after the price fell and closed below former key support at 1225 (former higher base / Fibo 61.8% of 1190/1283 rally), signaling further downside action, as daily studies turned into bearish mode (daily 10,20 & 30SMA’s are turning south, with formation of 5/30SMA’s bear cross at 1237).
The third wave of five-waves pattern from 1283 peak, could extend through psychological 1200 support, towards 1195 (daily Ichimoku cloud top) and 1192, its 138.2% Fibonacci Expansion, which lies just above key short-term support at 1190 (16 Feb trough).
Meantime, correction on oversold conditions of near-term studies is expected to precede fresh weakness.
Initial resistance lies at 1223 (Fibo 23.6% of 1259/1212 downleg), ahead of former base and broken Fibo support at 1225. Extended rallies should be ideally capped at 1230 (Fibo 38.2% of 1259/1212).
Res: 1223; 1225; 1230; 1227
Sup: 1212; 1208; 1200; 1192
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold climbs above $2,340 following earlier drop
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.