14 Oct - 18 Oct Weekly View
14 Oct - 18 Oct Weekly View
Gold couldn't get past through the resistance of 31948 (USD 1325) last week and continuously tumbled further below breaking key support levels at 30815 (USD 1278) and 30742 (USD 1275). Looking at H4 chart, the falling trend line from the high 34552 (USD 1433) is still holding, as well as the price is trading below the 150 SMA. As the matter of fact, the mentioned falling trend line held the price from moving further and a good tussle could be seen on Tuesday. The technical view for Gold as of now is absolutely Bearish. A very clear and good bearish continuation pattern has been revealed. If this level of 30500 (USD 1265) breaks, price is expected to tumble way down towards 26750/27000 (USD 1110/1120) level. Well, of course fundamentals will have to support for this view to come true.
I haven't said what the developed pattern is, and this is a challenge for my readers if you guys are paying enough attention analyzing charts and price actions and you could discuss that with me.
Upside moves should now be contained by 31345 (USD 1300) and 31950 (USD 1325) levels. As long as price trades below these levels, it is considered a correction of currently continuing downtrend.
Trade Happy, Trade Safe :)
Gold couldn't get past through the resistance of 31948 (USD 1325) last week and continuously tumbled further below breaking key support levels at 30815 (USD 1278) and 30742 (USD 1275). Looking at H4 chart, the falling trend line from the high 34552 (USD 1433) is still holding, as well as the price is trading below the 150 SMA. As the matter of fact, the mentioned falling trend line held the price from moving further and a good tussle could be seen on Tuesday. The technical view for Gold as of now is absolutely Bearish. A very clear and good bearish continuation pattern has been revealed. If this level of 30500 (USD 1265) breaks, price is expected to tumble way down towards 26750/27000 (USD 1110/1120) level. Well, of course fundamentals will have to support for this view to come true.
I haven't said what the developed pattern is, and this is a challenge for my readers if you guys are paying enough attention analyzing charts and price actions and you could discuss that with me.
Upside moves should now be contained by 31345 (USD 1300) and 31950 (USD 1325) levels. As long as price trades below these levels, it is considered a correction of currently continuing downtrend.
Trade Happy, Trade Safe :)
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