technical analysis of gold daily, in position to drill above the key retracement area

technical analysis of gold daily, in position to drill above the key retracement area

technical analysis of gold daily, in position to drill above the key retracement area

 

technical analysis of gold daily, The gold futures contract reached its highest level in more than three months early Tuesday, which helped put the market in a position to post its best annual performance for nearly a year. 'a decade

 Traders say rallying catalysts are weaker US dollar and end-of-year purchases linked to squared position and low volume

Technical analysis of the daily orientation graph

Technical analysis of the daily orientation graph

technical analysis of gold daily, The main trend is upwards according to the daily swing chart. The uptrend was reaffirmed Tuesday morning when buyers pulled out the previous main high at 1525.20

A trade of $ 1463.00 will change the main downward trend. This is highly unlikely, but due to the protracted rise in price and time, short-term traders should start watching for a closing price reversal peak. The pattern of the graph will not change the main downward trend, but it could signal the start of a 2-3 day correction

technical analysis of gold daily, The main range is from $ 1571.70 to $ 1453.10. Gold is currently testing its retracement area from 50% to 61.8% between $ 1,512.40 and $ 1,526.40. This area controls the short term direction of the market
Technical forecasts of the daily chart

Based on the anticipated action of the prices and the current price at $ 1525.60, the direction of the Comex gold market on February Tuesday will probably be determined by the reaction of traders at the Fibonacci level at 1526.40

Bullish scenario

technical analysis of the gold daily, A sustained movement above $ 1526.40 will indicate the presence of buyers. This is a potential trigger point for upward acceleration. The first targets are the main highs at $ 1,532.40 and $ 1,549.90. The main objective is the main summit 2019 at 1571.70

Bearish scenario

technical analysis of gold daily, A sustained movement below $ 1526.40 will signal the presence of sellers. If this move creates enough downside momentum, look for a 50% main level test at $ 1,512.40. This is a potential trigger point for downward acceleration