Investing.com - Financial Markets Worldwide
Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Bullish Reversal On Gold

ByAdmirals
Published 12/11/2013, 06:30 AM
Updated 01/31/2022, 02:45 AM
GC
-

During the European session, Gold surged to a new mid-term high. For the first time within the last few weeks, the probability of a further upswing is higher than that of a downswing. The reasons for that are as follows. First of all, the price broke the bearish trendline (green). It did not cause a significant theoretical upswing, but we can say that the trend is over. What is more, we can see that Gold made an inverted head and shoulder formation (yellow squares) and that the traders already managed to break the neckline (upper blue). This is considered as a major buy signal. Furthermore, the price went through the 1,255 USD/oz. resistance which was blocking bulls at the end of November. Currently, this level will be the closest support. If sellers manage to come back below this line, the buy signal will be denied. Gold

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.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.