GOLD (Prj.Y19.P2.E2).Bullish Accumulation

7 thg 11, 2019

As per chart, we have the 100 EMA (blue) and the 200 EMA (Orange).

Currently the 100 EMA is required to be the 1st to hold or crumble as support.
On the 0.286 retracement, it seems the GOLD market is still bullish and there is no surprise there.

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If you look at what Russia, China and Turkey have been doing lately is increasing its stocks with Gold for backing its currency when these nations trade with their own currency. As many are moving away from the US Dollar, so local currency needs to be trusted more than just the fiat system (backed by nothing)
The main reason for this is that nations are tired of the USA weaponizing the dollar payment system.
So the Gold and other metals climate has been bullish recently and China is yet to announce its 20K tonne Gold holdings..
So its no wonder Gold is holding up and probably will do so.
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On my chart I have 2 scenarios, which I favour the Blue line movement.
If the 100 EMA does not hold as support, then the 200 EMA would.
I also have used the fib.Circle tool to identify the current channel Gold was in and is about to break. Mind you this is only sideways movement in the upward
channel.

In Short
Go long with Gold.
I have Gold breaking the ATH and going to the 3rd red ring level as resistance in the coming months.


Regards,
S.Sari \ CyrptoProspa.

9 thg 11, 2019

Ghi chú

As the equity\stock market continues to rally, and the trade tension relaxes and easing of the global monetary policies. Hence, the short term need for a safe haven, which was a strong catalyst in the upward price movement, seems to have slowed down. So it would mean that Gold will cool down for now.