gold price chart technical analysis , 50% Level at $1512.40 Key Level to Watch Monday

gold price chart technical analysis , 50% Level at $1512.40 Key Level to Watch Monday

gold price chart technical analysis , 50% Level at $1512.40 Key Level to Watch Monday

 
gold price chart technical analysis ,Gold finished higher on Friday after hitting its highest level since November 4 earlier within the session. The market also put in its best weekly performance in additional than four months. Some traders are saying gold is being driven higher by a weaker U.S. Dollar as investors liquidate safe-haven hedge positions within the greenback

Others are saying gold is being supported by uncertainty over the U.S.-China trade deal as investors seek more details about the plan. Still others have doubts about the rally and are calling it end of the year position-squaring. Furthermore, they feel that there's just an excessive amount of demand for risky assets to sustain any rally in gold

Daily Swing Chart Technical Analysis

 

Chart Technical Analysis

gold price chart technical analysis ,The main trend is up consistent with the daily swing chart. The uptrend was reaffirmed on Friday when buyers took out the previous session’s high. the most trend will change to down on a move through the last swing bottom at $1463.00

We’re not trying to find a change in trend over the near-term, but there's room to the downside for a traditional 50% to 61.8% correction

Additionally, thanks to the prolonged move up in terms of price and time, the market is within the window of your time for a price reversal top. If confirmed, this chart pattern could trigger the beginning of a 2 to three day correction

The main range was formed by the September 4 main top at $1571.70 and therefore the November 12 main bottom at $1453.10. Its retracement zone at $1512.40 to $1526.40 is currently being tested. This zone is controlling the near-term direction of the market

Daily Gann Angle Technical Analysis
gold price chart technical analysis ,On Friday, February Comex gold closed on the strong side of an uptrending Gann angle at $1515.10. This angle is moving up at a rate of $2.00 per day from the $1453.10 main bottom

Holding above this uptrending Gann angle could generate the upside momentum needed to check the closest downtrending Gann angle at $1531.70

A failure to carry above $1531.70 will indicate the buying is getting weaker or the selling is getting stronger. this might trigger an acceleration to the downside since the closest support angle comes in at $1484.10

Short-Term Outlook

It all comes right down to how traders answer the retracement zone at $1512.40 to $1526.40

Holding inside the zone will indicate a neutral to upside bias
gold price chart technical analysis ,Overtaking and sustaining a rally over the upper or Fibonacci level at $1526.40 will signal the buying is getting stronger, while a sustained move under the lower or 50% level at $1512.40 will indicate the presence of sellers. this might trigger the beginning of a steep break