Gold just could not break above 1170 thus leaving the top in place and provoking a move lower to 1148 just in front of our 1146 target...Small recovery overnight....but nothing really to write home above....Still oversold..Now we have this November low at 1133....then the March low at 1142....and this low at 1148....so even on weakness currently our lows are still higher....This will change if we break 1142....That will trigger further selling pressure and we would come under further threat with 1133 then targeted...
Now this would leave a Double base on the daily and weekly charts...so this support is crucial to Golds next move...If we close below 1133 1044 would be the med term target through the summer overall.
Now there is a long way to go before this happens...so all eyes peeled on the 1142 support.....To recover we need to hold above here....and this should then take us back to the 1170/1174 resistance...All longs to be covered....Re-sell the market around this resistance band and hold shorts unless above 1178...
The research provided by Charmer Charts is provided solely to enable clients to make their own investment decisions and does not constitute personal investment recommendations. No recommendations are made directly or indirectly by Technicalanalysisreports.com or Charmer Charts as to the merits or suitability of any investment decision or transaction that may result directly or indirectly from having viewed the technical analysis investment research. Customers are therefore urged to seek independent financial advice if they are in any doubt. The value of investments and the income derived from them can go down as well as up, and you may not get back the full amount you originally invested. Derivatives and foreign exchange trading are particularly high-risk, high-reward investment instruments and an investor may lose some or all of his or her original investment. Also, if you decide to acquire any investment denominated in a different currency you should note that changes in foreign exchange rates may have an adverse effect on the value, price and income of the investment in your own currency. Technicalanalysisreports.com or Charmer Charts shall not be liable for any direct or indirect, incidental or consequential loss or damage (including loss of profits, revenue or goodwill) arising from the use, inability to use, interruption or non-availability of the technical analysis investment research or any part of the research materials published or otherwise any loss of data on transmission, howsoever caused. Whilst the research material published is believed to be reliable and accurate, it is not independently verified. Accordingly, no representation or warranty is made or given by Technicalanalysisreports.com or Charmer Charts, its officers, agents or employees as to the accuracy or completeness of the same and no such person shall have liability for any inaccuracy in, or omission from, such materials.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.