Gold is unstoppable. After a retracement to the POC zone at 1385-1390 the price continued going up. We have the new POC zone formed at the ATR low.
1410-1415 could make the price bounce again on a bullish reversal candlestick pattern. If we don’t see a retracement to the POC watch for a continuation above D H4 camarilla pivot at 1438. The main target is 1442. However a strong bullish impulse could lead to 1450 and 1456. Only a break below the lower trend line 1390 could make Gold neutral again. So far, buying the dip is obvious on intraday time frames.
Gold Current Trading Positions
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
Recommended Content
Editors’ Picks
EUR/USD climbs to 10-day highs above 1.0700
EUR/USD gained traction and rose to its highest level in over a week above 1.0700 in the American session on Tuesday. The renewed US Dollar weakness following the disappointing PMI data helps the pair stretch higher.
GBP/USD extends recovery beyond 1.2400 on broad USD weakness
GBP/USD gathered bullish momentum and extended its daily rebound toward 1.2450 in the second half of the day. The US Dollar came under heavy selling pressure after weaker-than-forecast PMI data and fueled the pair's rally.
Gold struggles around $2,325 despite broad US Dollar’s weakness
Gold reversed its direction and rose to the $2,320 area, erasing a large portion of its daily losses in the process. The benchmark 10-year US Treasury bond yield stays in the red below 4.6% following the weak US PMI data and supports XAU/USD.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
Germany’s economic come back
Germany is the sick man of Europe no more. Thanks to its service sector, it now appears that it will exit recession, and the economic future could be bright. The PMI data for April surprised on the upside for Germany, led by the service sector.