Gold started the year in an upbeat due to retracements in the global stock markets, but now that the main indexes around the world are starting to come back up, gold is also going back to its medium term downtrend. As we can see on the daily chart below, the precious metal may reach once again the 1200.00 level. Due to the fact that this is a round number and most investors and traders place their entry or exit orders around these psychological levels, gold may bounce from this area back to the upside.
If we want to be a little bit more conservative, we may even wait for it to reach the lower support at the 1187.29 level before going long (buy) on this instrument. On the other hand, a breakout above the 1254.96 level or the 55 Exponential Moving Average (purple line) may signal a change in direction for the short term, but it may still take it until next week before we see confirmation of a possible breakout to the upside.
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Gold Is Returning To Its Medium Term Downtrend
Published 01/09/2014, 02:01 AM
Updated 06/23/2024, 02:13 AM
Gold Is Returning To Its Medium Term Downtrend
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