Gold Price Analysis: Something for both the bears and bulls

Gold Price Analysis: Something for both the bears and bulls

Gold bugs are losing their grip and focus is on the downside.

Bears can seek a full test of familiar Fibs and potentially take on confluence areas in a deeper retracement.

Gold prices are trapped between support and resistance but there is a bearish bias until a full test of at least the 38.2% Fibonacci retracement level.

The following is a top-down analysis that illustrates where there could be, first, a bullish opportunity in a healthy correction, to second, a subsequent downside extension. Monthly chart Bears seeking a fuller retracement, eye the 38.2% Fibo and a 50% mean reversion thereafter.At a stretch, the 61.8% Fibo has a confluence with prior resistance structure. Weekly chart The weekly chart shows that the price has been firmly rejected in the prior structure and marks a trendline resistance as well.Support holds and could equate to a meanwhile upside correction prior to the […]

About the author: StockMan
Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.
Posting Guidelines
Do
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!

Comments

No comments yet