Gold

Despite the fact that Gold had a bearish session overnight, I would like to define our position with Gold in the next higher TF and keeping an eye on our charts, and judging it by it’s own action. My long term stance with the commodity is still bearish as per the PnF chart posted while back. This said, it doesn’t mean that there may not be short term bullish swing which may at least last number of days in duration. Similar to that of OIL .Wheat is gone gang busters  as we would all know !

$1180 – $1215 is a zone of support to watch on this front going forward. Support in this zone, at least temporarily is expected as the price action is headed that way in the short term. Failure there, may suggest a retest of the December 2016 low at $1124.

To identify some potential short term swings and round-abouts, shorter time frames like daily and hourly may be beneficial.

At the lookout watching for now. Who knows what may happen in the current climate where tweet of some sort may move things fast in either direction !

Weekly chart of Gold is courtesy of StockCharts.com

goldweekly04072017

Disclaimer

All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.

Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.

Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.

Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.

 

 

 

 

 

Comments are closed.