Long Gold......Now we still have trendline support at 1198 and also the 61.8% med term fib level @1198...and also now after the late Friday declines to 1198 we have a Double Bottom...so there are quite a few reasons to be Long Gold...so to go in and buy Gold on weakness would offer little risk...In fact to go in @1200 anticipating that Gold will hold and trade higher again...we can place stops below the trendline say at 1196 and if wanting to be really sure 1194...
If we can hold onto this trendline and technically there is no reason that we cannot...because our med term technical indicators are showing oversold...so if we can hold onto this trendline we can trade higher once more to the 1218/1223 resistance...
Cover longs to here...Re-instate longs only above 1227 for 1233/34.
Now if below 1194 and more importantly a close below here tonight...we are going to look weaker going into next week...with 1180/79 then the short term objective...
If we can hold onto this trendline and technically there is no reason that we cannot...because our med term technical indicators are showing oversold...so if we can hold onto this trendline we can trade higher once more to the 1218/1223 resistance...
Cover longs to here...Re-instate longs only above 1227 for 1233/34.
Now if below 1194 and more importantly a close below here tonight...we are going to look weaker going into next week...with 1180/79 then the short term objective...
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.