Tuesday, April 11, 2017

Gold Close To Upper Trendline

Gold looks ready to regain investors' confidence as US equities consolidated and the US currency is weakening due to lower than expected economic data. Last week the NFP failed to deliver something to hold on and the effect is only now starting to be visible in the markets.

Gold made its last low at $1,247 and is now trading at $1,257 with a daily high of $1,258.70. The precious metal has been rallying since $1,195 in the beginning of March. Now, one month later, Gold is at a high of $1,270.67.

If the US dollar continues to depreciate, Gold will continue to appreciate. First target for the bulls is seen at last high of $1,270, which also can be considered a triple top by some analysts. After that level is reached, next target is $1,288 and then the psychological $1,300.


Chart: XAU/USD H4


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9 comments:

  1. UnknownApril 11, 2017 at 11:40 AM

    Its really going sideways for the moment.

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  2. UnknownApril 11, 2017 at 4:26 PM

    It will likely test the resistance at $1,270 again.

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  3. UnknownApril 11, 2017 at 8:26 PM

    I think the rally will continue.

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  4. UnknownApril 12, 2017 at 5:56 AM

    Very helpful and insightful analysis, excellent.

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  5. UnknownApril 16, 2017 at 11:06 AM

    I suppose it will reach next resistence level with no hesitation.

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  6. UnknownApril 16, 2017 at 11:19 AM

    As always, very detailed analysis.

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  7. UnknownApril 16, 2017 at 5:52 PM

    Very helpful and insightful analysis, excellent.

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  8. UnknownApril 16, 2017 at 8:07 PM

    Thank you for sharing.

    ReplyDelete
  9. UnknownApril 24, 2017 at 12:23 AM

    Gold might enter correction mood.

    ReplyDelete

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