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Gold just entered into a death cross, and we see more pain aheadAt the time of writing, this report Gold and Silver prices are slightly down. we informed you in our previous report about the possibility of the yellow metal to make the slight correction which could take the prices up to $1300 per ounce and we have already witnessed that on last Friday. Well, the credit for this small correction goes to the sharp drop which we witnessed in the U.S jobs report last Friday however as expected the small correction wouldn't hold longer and prices fell back today which drag the yellow metal prices to $1290.Bulls are already arguing about the double bottom which formed in the gold chart exactly at $1280 per ounce and talking about the likelihood of the yellow metal to break above $1350 or even $1400 this year. well keeping the uncertain nature of the market in mind of course anything is possible but in our opinion most of these folks are either newbies or take gold as a cult where they always talks or hopes about the drastic increase in PMs prices but unfortunately market doesn't work on hopes, They often say “History doesn't repeat itself but it often rhymes and we couldn't agree more. As a gold-silver analyst it's our duty to analyze other market participant perspective as well without getting attached to our current position in the portfolio, The argument of the double bottom at $1280 seems valid however due to numerous long term factors which we will discuss in our upcoming report we think it'll be short lived and once yellow metal will break below $1270 level more doors for seller swill open which will damage the chart even more. By keeping all the factors in mind including little risk and enormous reward perspective it seems our short position is more than justified which have the full potential to add enormous gain in our portfolio. The weak jobs report which came out last Friday was surprising for many as we saw the steep decline in the growth chart of non-farm payrolls while China's latest export and import figures were down. The China-Trade war has caused more trouble to Chinese economy than USA Which is making Chinese leadership keen to end its trade war with the U.S The unofficial China purchasing managers’ index (PMI) came in at its lowest level since October. China has also reduced it's projected to gross domestic product growth for the year. As China is a major consumer for gold, there slowing Chinese economy is a good sign for bears. U.S. Federal Reserve Chairman Jerome Powell, in a rare TV interview on Sunday, reiterated the U.S. economic outlook is favorable and said there is no need to raise or lower interest rates at present.
OANDA:XAUUSDShort
by GoldSilverAnalyst
3
The Game Is Finally OverGold and silver prices are constantly being hammered by the bears while bulls keep trying to stop the bleeding in the precious metal market without any luck so far. The precious metal market has been dipped to there nine-week lows. At the time of publishing, this gold is trading at $1284 per ounce while the white metal is still hovering around its psychological resistance which is at $15 however as we are writing the psychological resistance has broken just yet which can easily drag the prices to $14.50 or even $14.00 in the short term. The long term picture is even more bearish than you might think. The recent comments from a U.S trade official have disappointed investors and traders however most analysts are predicting U.S-China trade dispute to settle soon which will ultimately encourage more investors to dive in at risky assets which indicates more bearish sign for the entire precious metal sector. The China-Trade war has caused more trouble to Chinese economy than USA Which is making Chinese leadership keen to end its trade war with the U.S The unofficial China purchasing managers’ index (PMI) came in at its lowest level since October. China has also reduced it's projected to gross domestic product growth for the year. As China is a major consumer for gold, there slowing Chinese economy is a good sign for bears. Today's European Central Bank monetary policy meeting announcement surprised many investors when ECB announced that they would not change interest rates in 2019 but will provide more funds to there banks in order to stimulate more lending. most investors didn't expect ECB to change their interest rates however providing more liquidity part was definitely surprising as the consequence DXY moved to it's daily high while the EURO currency dropped on the news.we also witnessed the lower equity market for Asian and European part along with with the U.S stock indexes. The U.S. jobs report from the Labor Department which is The most important U.S. economic data of the month is scheduled to release on Friday The Technical damage in gold and silver chart has already been done as the metal has corrected more than $50 from last month’s highs, many analysts are looking at long-term support at $1,275, which represents a key retracement level in gold’s recent rally. minor corrections should be expected from these levels which could take the price up to $1300 however we'll add more capital to this trade once yellow metal will break below $1270 level as a close below from this level will open the door to more selling. It seems a “do-or-die” week for the gold and silver market bulls has been ended where they have landed on the die part. our anticipation for the minor correction in the yellow metal has faded and it seems more technical damage will be inflicted in the chart soon however we are still waiting to check the weekly closing prices for more confirmation.we'll add more capital to this trade once yellow metal will break below $1270 level as a close below from this level will open the door to more selling.
FX:XAUUSDShort
by GoldSilverAnalyst
we won't be surprised ifThe precious metal market is having a significant impact as chart-based selling is getting stronger which already drag the yellow metal prices to $1283 however silver is trading at $15.06 at the time of writing this report. The levels at which both precious metals are trading may act as support levels at least in the short term. The white metal still needs to break below its psychological resistance which sits at $15.A rebound in the U.S.dollar index just recently is also a negative outside-market force working against the precious metals market bulls. The China-Trade war has caused more trouble to Chinese economy than USA Which is making Chinese leadership keen to end its trade war with the U.S The unofficial China purchasing managers’ index (PMI) came in at its lowest level since October. China has also reduced it's projected to gross domestic product growth for the year. As China is a major consumer for gold, there slowing Chinese economy is a good sign for bears. Technically gold and silver bulls are oversold as silver is also approaching to its psychological resistance. we won't be surprised if the correction will take the yellow metal prices to $1290 or even $1300.First support is seen at the January low of $1,281.50 and then at $1,275.00. Currently, we have only one position dedicated to gold in our portfolio as the position is lucrative based on the risk and reward perspective, we are still waiting for silver to rebound at least to $15.50 for getting in the trade. Our decision to cancel our short trade in silver proved to be wrong however limiting our exposure or risk were also crucial at that point. we will also increase the size of our position once yellow metal will break below key support levels - our position has the full potential to add enormous gain in our portfolio, we are not adding silver position yet.it’s a “do-or-die” week for the gold and silver market bulls. They need to step up and show good power this week, to avoid more serious technical damage being inflicted.minor corrections should be expected from these levels which could take the price up to $1300 however we'll add more capital to this trade once yellow metal will break below $1270 level as a close below from this level will open the door to more selling.
FX:XAUUSDShort
by GoldSilverAnalyst
THE TECHNICAL DAMAGE HAS ALREADY BEEN DONEGold and silver prices are getting hammered as the investor's attitudes towards risky assets have returned. Today Gold hits a five-week low while silver prices felt more rapidly as expected. The China stock market reached it's nine-month high today. Asian and European equity market are also heading higher along with the U.S. stock indexes. The U.S. jobs report from the Labor Department which is The most important U.S. economic data of the month is scheduled to release on Friday, Today the eurozone PPI also came out which didn't surprise anyone as Those numbers were in line with market expectations. Analysts are also focusing on upcoming European Central Bank’s r monetary policy meeting which will be held on Thursday as the ECB is expected to take action in order to make the Eurozone economy stronger. Trade war: Signs of progress in US-China talks Based on The Wall Street Journal research the U.S. and China are close to finalizing a trade agreement.The story said China would lower its tariffs on U.S. imported goods, with the U.S. doing the same on most or all of the trade sanctions it levied against China last year. The report said U.S. President Trump and Chinese President Xi Jinping will meet in Florida later this month. The Technical damage in gold and silver chart has already been done as the metal has corrected more than $50 from last month’s highs, many analysts are looking at long-term support at $1,275, which represents a key retracement level in gold’s recent rally. minor corrections should be expected from these levels which could take the price up to $1300 however we'll add more capital to this trade once yellow metal will break below $1270 level as a close below from this level will open the door to more selling. Summary-It’s a “do-or-die” week for the gold and silver market bulls. They need to step up and show good power this week, to avoid more serious technical damage being inflicted.minor corrections should be expected from these levels which could take the price up to $1300 however we'll add more capital to this trade once yellow metal will break below $1270 level as a close below from this level will open the door to more selling.
OANDA:XAUUSDShort
by GoldSilverAnalyst
4