Since the beginning of the year gold has been selling but what I noticed is the the reaction at this price 2016 (highlighted). The price bounced quite a few times there showing some good support. And then that priced was breached and gold went down to 2002 and reversed back up (shown with the yellow arrow) , again with the same 2016 as support and as of now price is at 2030.
Considering the strong selling from 2062 down to 2002 one would think that price would go further below 2000 but it seems like are getting ready for a move up.
Overall, it's choppy land right now but I am siding with the bulls...for now...
Considering the strong selling from 2062 down to 2002 one would think that price would go further below 2000 but it seems like are getting ready for a move up.
Overall, it's choppy land right now but I am siding with the bulls...for now...
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Interesting price action ranging between 2036 and 2016. At this moment price is hovering around 2016, the area we mentioned earlier, despite these sharp drops.
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Bearish outlook here... I wouldn't buy at this point, all attempts to buy are met with strong selling pressure.
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Reaction from the area...but still in bearish channel
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Every buying attempt is met by strong sellers. The market is clearly bearish.
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Strong support indeed... Bulls are defending that area big time.
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This whole move just seems corrective which is why I would rather sell around 2040 with the trend (descending channel).