GOLD BROKE THE 1.300 LEVEL NOW WHERE IS GOING TO STOP?
After Gold's amazing rally to new highs for this year above 1.300$ and even with a top of 1.357$ per ounce we already have a deep retracement,so the question is "Are we still in bear market as far metals and this was a bull trap or finally we switched trend and this only a healthy retracement for the upside?"
What most investors who jumped on Gold did not think that indeed the major catalyst were the geopolitical tensions between U.S and N.Korea that moved gold but besides that the other fundamentals of Gold remained neutral or bearish.
By saying the other fundamentals reasons i mean first of all F.O.M.C rate decision,in that case we can see Gold everytime after the rate decision has almost always a deep retracement no matter how hawkish or dovish stance will F.O.M.C holds.
Second Dollar index had already created a higher high which had shown some sort of bottoming.
Last but not least the U.S stockmarket had shown some lack of upward momentum but we cannot take 1% retracements as a big retracements to start discussing for a trend change.
Personnally i believe we are witnessing a "last kiss move'' where we are having a deep retracement until 200EMA or a little bit lower before the "Big boys" load for new highs.
But where the Gold will stop next and what does that means for us as far as the technicals?
As far as technicals the crucial area once again to decide whether we are in bullish or bearish market is the 1.262-1.250$ area and that's why:
TECHNICAL OBSERVATIONS
1.We can see the 200EMA exactly at 1.262 level acting as a support and as magnet laso for the price.
2.At this level we have a very strong resistance from previous price action.
3.We have also the Ichimoku Clouds acting as a support indicating important areas fro reversals.
4.At the same levels we have also the crucial 61.8% Fibonacci retracement level from the initial move.
5.The RSI indicator is approaching the oversold levels signaling a possible bottom soon.
6.We can notice also how the ascending blue channel broke and how the price retraced since then.
THANKS FOR THE SUPPORT!
KEEP FOLLOWING FOR MORE PROFITS!
What most investors who jumped on Gold did not think that indeed the major catalyst were the geopolitical tensions between U.S and N.Korea that moved gold but besides that the other fundamentals of Gold remained neutral or bearish.
By saying the other fundamentals reasons i mean first of all F.O.M.C rate decision,in that case we can see Gold everytime after the rate decision has almost always a deep retracement no matter how hawkish or dovish stance will F.O.M.C holds.
Second Dollar index had already created a higher high which had shown some sort of bottoming.
Last but not least the U.S stockmarket had shown some lack of upward momentum but we cannot take 1% retracements as a big retracements to start discussing for a trend change.
Personnally i believe we are witnessing a "last kiss move'' where we are having a deep retracement until 200EMA or a little bit lower before the "Big boys" load for new highs.
But where the Gold will stop next and what does that means for us as far as the technicals?
As far as technicals the crucial area once again to decide whether we are in bullish or bearish market is the 1.262-1.250$ area and that's why:
TECHNICAL OBSERVATIONS
1.We can see the 200EMA exactly at 1.262 level acting as a support and as magnet laso for the price.
2.At this level we have a very strong resistance from previous price action.
3.We have also the Ichimoku Clouds acting as a support indicating important areas fro reversals.
4.At the same levels we have also the crucial 61.8% Fibonacci retracement level from the initial move.
5.The RSI indicator is approaching the oversold levels signaling a possible bottom soon.
6.We can notice also how the ascending blue channel broke and how the price retraced since then.
THANKS FOR THE SUPPORT!
KEEP FOLLOWING FOR MORE PROFITS!
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Back to important price zone let's see from there...