Gold Price News and Forecast: XAU/USD gaining 0.1% – Profit-taking action could be seen [Video]
|Gold and black Gold locked inside of the triangle patterns [Video]
In today’s analysis, I will show you three great trading occasions involving a very reliable trading pattern – the triangle. There are three main variations of this pattern: symmetric, ascending and descending. In this piece, I will present the first two.
Let’s start with the ascending triangle. This is a formation with a horizontal resistance and a dynamic support. It is usually present in an uptrend and promotes a breakout to the upside. We can see this formation on Brent Oil. The problem for bulls can be that the price just bounced from a horizontal resistance and is not putting heavy pressure on support. Read more...
Gold gaining 0.1% – Profit-taking action could be seen
The gold futures contract lost 0.93% on Monday following Friday’s bounce from the recent local highs. Gold is still trading within a flat correction after its April’s advance. On April 14 it was the highest since November of 2012 and the high was at $1,788.80. Since then we’ve seen some profit-taking action and a potential medium-term downward reversal.
The price of gold is basically going sideways along $1,700 mark since early to mid April and it’s trading above February-March local highs. So it still looks like a consolidation within a medium-term uptrend. Read more...
Will job market from hell support Gold?
April job report shows a terrible US labor market. Coronavirus destroyed 20.5 million jobs, pushing the unemployment rate to almost 15 percent. How far does the number reflect reality – and what does it actually mean for the gold market?
14.7 percent. Remember this value well, as it will go down in history. This is the official US unemployment rate for April calculated by the Bureau of Labor Statistics. The unemployment rate soared from 3.5 percent in February and 4.4 percent in March. As the chart below shows, the spike is really historic, as such high level has not been seen in modern history. Read more...
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