_150x108_S_1416304017.jpg)
Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
⏰ React to the Market Faster with Custom, Real-Time News Get Started
Gold Waiting For An Injection Of Momentum Higher...From The Fed?
www.investing.com/analysis/gold-waiting-for-an-injection-of-momentum-higherfrom-the-fed-200432300
Gold Waiting For An Injection Of Momentum Higher...From The Fed?
By Anna Coulling | Jun 18, 2019 12:02AM ET 
The journey higher for gold is far from straightforward as the precious metal continued its volatile and jerky price action yesterday. Last week’s price action was another classic example particularly on Friday which saw the metal touch a high of $1362.2 per ounce, only for it to fall back just as dramatically and close at $1344.50 per ounce and the day’s candle ending with a deep upper wick to the body suggesting selling weakness building once more.
This was confirmed by the associated volume on the daily chart which was high. However, the selling appears to have been absorbed with the big operators moving in and taking gold above the $1342 per ounce level, and with a strong potential platform of support in place at $1334 per ounce this should provide some respite to a deeper move lower.
For the longer term, we need to move to the weekly chart, with last week’s long legged doji candle neatly encapsulating the general mood for the price of gold. Indecision and uncertainty abounding and with a big week ahead, much will depend on the Fed and the prospect of an imminent rate cut, a prospect which has certainly increased following the dire Empire State numbers, which could propel gold higher should the U.S. dollar weaken as a result. No doubt something all gold bugs will be welcoming.
From a technical perspective, a move to $1370 per ounce and beyond will require an injection of volume to propel the metal through the resistance at $1351 per ounce and the deep volume congestion which extends from there up to the volume point of control itself at $1370 per ounce and denoted with the yellow dashed line. Once through here, volume then falls away as we move on to $1400 per ounce and a return to the high of $1407 per ounce of April 2018.
Related Articles
Gold: Pop the $2,000 Champagne But Keep Another Chilled for that...
By Barani Krishnan/Investing.com - Mar 21, 2023
9
Gold delivers fizz-worthy $2,000 high for bulls; record peak will likely take longer Upside momentum intact despite a drop from Monday’s one-year highs Fed in play on Wednesday...
The Energy Report: Gutsy Guarantee
By Phil Flynn - Mar 21, 2023
Yahoo! We got through more than 24 hours without a bank failure and that put an upward tilt to oil that has been divorced from supply and demand fundamentals! Fears that First...
Crude Oil Finds Support
By Alexander Kuptsikevich - Mar 21, 2023
By the start of European trading on Monday, WTI had lost over 20% from its high of $80.96 on 7 March to a low of $64.36. The sell-off that intensified last week may well be giving...
Gold Waiting For An Injection Of Momentum Higher...From The Fed?
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.