Looking at this daily chart of GOLD, it is still range bound in the medium term, since June 24th,with it’s short term bias is now to the downside. Resolution of this trading range ( boundaries marked with Red Support and Resistance lines) would give us an indication of the next likely major move. OBV (On Balance Volume) at the bottom window is still holding firm and strong which may suggest a potential re accumulation trading range.
Retest of the most recent low made on 1st of Sept. may hold the key in the short term. If that ( most recent low) was the Wyckoff Spring, a successful retest is expected over the coming sessions.
Chart is courtesy of StockCharts.com
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.