Price of gold has broken down below 1300 support level. Spot Gold hit new low at $1293 today, in extension of Wednesday’s fall after Fed signaled possible additional rate hike this year. Trading idea. Since it has broken down the important support level of 1300, and the fed is seen as hawkish, we expect the price of gold to drop to the levels of 1282.
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Gold Trading Idea for the week of 18 September 2017
Price of gold fell last week due to the risk-off sentiment and a modest recovery of US Dollar. Even though things have calmed down, they are not over yet. Any escalation of the situation with North Korea will change the risk sentiment in the market. Having said that, we can see that Gold fell, slicing through $1330 level. Trading idea What we suggest is to wait until a supportive candle forms on the daily or the h4 chart around the blue trendline or even stronger yet if the supportive candle…
Read MoreGold Price forecast for the week of 4-September 2017
Technical Analysis Gold price broke out of the consolidation area, to the upside of 1300 level. This level had been a massive resistance area for quite sometime. By closing the weekly candle clearly well above 1300 indicates that it is trying to continue to the upside. At this point, short-term pullbacks can offer value as 1300 level will now be that strong support. Fundamental Analysis Price of Gold needed a push strong enough to drive it to the upside. Many attempts failed before it finally broke to the upside last…
Read MoreGold Price forecast for the week of 28-August-2017
Last week saw Gold trading in a tight range as the market waited for the comments from Fed Chair Yellen and ECB President Draghi. As Yellen did not give any clues of the monetary policy, Gold prices rose on Friday. Therefore the main fundamental factors diving the price of Gold at this time around are the fundamentals of US Dollar. As the economic data from US has been generally weak, US Dollar has extended its losses across the board. However, on the technical side, we have to note that Gold…
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