Gold Price Analysis: Recovery rally looks exhausted on Hanging Man candle
Gold's recovery rally from the March low of $1,451 looks exhausted, according to last week's inside bar hanging man candle.
An inside bar occurs when prices trading within the preceding period's high and low and is indicative of bull fatigue when it appears after a notable price rise, which is the case here. The hanging man candle, which comprises a small red body and a long lower wick, also indicates buyer exhaustion. As a result, a pullback to $1,600 or lower could be seen this week. At press time, the yellow metal is sidelined around $1,619 per ounce.
Gold Price Analysis: Investor's appetite back on the rise, bulls not out of the woods
The price of gold in the open on Monday is relatively quiet with the price trading between $1,609.11 and $1,621.24, slightly down at the time of writing at $1,615.33. However, bulls have been in charge of a correction from the mid-March lows and Friday's as COVID-19 continues to spread and play havoc on the global economy.
Throughout last week, rising unemployment in the US saw investor appetite for precious metals rise and we saw a bid in precious metals with the price of gold rallying to US1,620/oz after a far worse than expected payrolls number in the US. More on that here: US NFP Quick Analysis: A grim future partially foretold.
|Today last price||1619.62|
|Today Daily Change||1.40|
|Today Daily Change %||0.09|
|Today daily open||1618.22|
|Previous Daily High||1626.17|
|Previous Daily Low||1606.62|
|Previous Weekly High||1636.13|
|Previous Weekly Low||1568.46|
|Previous Monthly High||1703.27|
|Previous Monthly Low||1451.3|
|Daily Fibonacci 38.2%||1618.7|
|Daily Fibonacci 61.8%||1614.09|
|Daily Pivot Point S1||1607.84|
|Daily Pivot Point S2||1597.45|
|Daily Pivot Point S3||1588.29|
|Daily Pivot Point R1||1627.39|
|Daily Pivot Point R2||1636.55|
|Daily Pivot Point R3||1646.94|
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