Due to the correction at the stock markets the precious metals managed to break out of their long negative trend.
In a fast rush Gold broke up to the top, leaving the trend channel.
There is some consolidation above the swing-trend line at ~1215$. But the trend is clearly positive, what is been confirmed by the RSI - which has showed a positive trend since june 28.
With this move Gold has also broken the long negative trend line (blue), which has been a very strong resistance - and it should not fall below to not endager the new trend.
On the other hand - the ascending trend line (black) - coming from july 2015 - has been a good support. And this midterm trend is still active.
Gold (and silver) should benefit from the weakness in stock markets and rise to older price-levels at 1.250$ and above - there we find 2 fib retracements (one coming from 2011 - and one coming from 2016).
This is no trading advice.
In a fast rush Gold broke up to the top, leaving the trend channel.
There is some consolidation above the swing-trend line at ~1215$. But the trend is clearly positive, what is been confirmed by the RSI - which has showed a positive trend since june 28.
With this move Gold has also broken the long negative trend line (blue), which has been a very strong resistance - and it should not fall below to not endager the new trend.
On the other hand - the ascending trend line (black) - coming from july 2015 - has been a good support. And this midterm trend is still active.
Gold (and silver) should benefit from the weakness in stock markets and rise to older price-levels at 1.250$ and above - there we find 2 fib retracements (one coming from 2011 - and one coming from 2016).
This is no trading advice.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.