Buyers could be facing a big problem here; Monday started with huge pessimism which was perfectly reflected in the bearish gap on major indices. This, however, didn’t spook out buyers, they simply started taking advantage of the lower prices and buying again. General market optimism only lasted until this morning. Currently, we see negative sentiment returning to charts.
Let’s start with the DAX which has been one of our frequent targets. Yesterday we mentioned a false bearish breakout and we anticipated that a nice swing would follow. Now, we need to be fair to sellers as Tuesday brought us a false bullish breakout. Today, the price is back below the crucial support level, which brings the DAX back into negative sentiment.
S&P 500 traders were more cautious and the price didn’t break the upper line of the range. Technically we didn’t get a buy signal. Without a signal, there’s no trap. The SPX bounced from the upper line of the range creating a head and shoulders pattern. Based on everything we’ve mentioned, a movement towards the 3075 points seems inevitable.
When stocks are pessimistic gold is optimistic. We also anticipated this scenario that a breakout of the 1740 USD/oz will give a buy signal and it did. The price is now pushing higher and has reached its highest level since 2012 … not bad.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
Gold Hits Highest Level Since 2012, Equities Cautious
Published 06/24/2020, 07:40 AM
Updated 01/03/2021, 09:10 AM
Gold Hits Highest Level Since 2012, Equities Cautious
Latest comments
Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.