Gold Analysis as At January 30 (updated) ~ forex trading account us
This has been an interesting week for any Gold trading strategy as the metal has been unable to reach higher ground and instead has drifted lower.
Gold may be moving inverse the the US Dollar which has been galloping higher recently.
As I have mentioned in previous posts, there is considerable resistance to a move higher for gold as illustrated on these charts,
This first chart shows a bearish Fibonacci Pattern on a weekly chart and it appears that the pattern is valid and may indicate a further decline in price
Next we have a couple Ichimoku Kinko Hiyo charts and as you can see, on both charts, price is having difficulty penetrating the resistance of the cloud.
This next chart demonstrates the resistance on the Harmonics chart.
Those charts should well illustrate the resistance that Gold is facing on a technical basis.
Fundamentally there is a lot of developments in politics and economic matters that have yet to establish a clear path for Gold.
There are some Elliot Wave chartists that are quite confident of a great upward move for Gold, alas, the timing of that move has not yet appeared.
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