Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Gold Loses Upside Momentum

Published 02/03/2016, 06:10 AM
Updated 07/09/2023, 06:31 AM

It seems that gold has lost the upside momentum as it approached 61.8% Fibo located at 1136.00, which appears on the RSI, while the ADX indicator shows some weakness in the upside trend despite its continuation.

Gold Daily Chart

Hence, out trading position is neutral and did not change, although we predict some upside attempts as long as the price remains above 1118.00, noting that the risk/return ratio is not appropriate to make a good trading position, but we will keep our previous trading positions since we expect some upside attempts and touching the target at 1136.00.

  • Support: 1120.00-1118.00-1110.00
  • Resistance: 1130.00-1136.00-1142.00

Price direction: Upside, but neutral for our trading positions

Latest comments

If you waited a few hours before posting, you would have saved some embarrassment!
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.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.