On the one hand, this was because of the attacks in Paris and the reaction of all political leaders in Europe, as well as the US President to tighten the measures against terrorist attacks and provide better control.
On the other hand, Gold rose because of technical factors. Price reached $1,074, the low since August 24 thus forming a double bottom.
Currently, Gold is trading at $1,086, $12 lower than today's high. Hopes are not yet lost for higher prices, but Bears might want one last dance to push prices below $1,070 and should this happen, the yellow metal might also test the so-spoken-about level of $1,000.
Chart: XAUUSD H1
The bearish trend continues.
ReplyDeleteThanks for anlaysis, will keep it in mind!
ReplyDeleteGold fails to sustain the gain.
ReplyDeleteA lot of volatility due to the Paris bombings.
ReplyDeleteNext target @ 1044.73.
ReplyDeleteI agree with you. Thanks!
DeleteSuch a nice blog! I will deffinitely follow it! Thanks!
ReplyDelete