Hi Guys,
since Gold crossed into negative sentiment at the end of February, RSI has yet to be oversold. Last time it has been oversold it was in the summer of 2018 between June and August.
Remember the Bull Run starded on Aug.16th, 2018? That was the last day Gold has been oversold.
Having said that, please note the 3S representing areas of supports for the correction of the bull run.
The 3rd S met with support of the 569SMA and pulled back when NFP were released between Powell's and Draghi's speaches in week17 and week18.
The pullback helped Gold to breach the hypotenuse of the descending triangle and regain positive sentiment.
Fundamentals supporting gold IMHO at the moment may be:
1) US China Trading negotiations not progressing;
2) US rising tensions with Iran;
3) People are not buying the dip in the stock markets that is on the hedge of a cliff watching an abyss below 2800;
4) DXY fell briefly below 97;
Please also note that the pullback was stopped at 1300 which is psycological and may hide strong resistance.
For further information on previous structures please refer to related ideas links below:
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
since Gold crossed into negative sentiment at the end of February, RSI has yet to be oversold. Last time it has been oversold it was in the summer of 2018 between June and August.
Remember the Bull Run starded on Aug.16th, 2018? That was the last day Gold has been oversold.
Having said that, please note the 3S representing areas of supports for the correction of the bull run.
The 3rd S met with support of the 569SMA and pulled back when NFP were released between Powell's and Draghi's speaches in week17 and week18.
The pullback helped Gold to breach the hypotenuse of the descending triangle and regain positive sentiment.
Fundamentals supporting gold IMHO at the moment may be:
1) US China Trading negotiations not progressing;
2) US rising tensions with Iran;
3) People are not buying the dip in the stock markets that is on the hedge of a cliff watching an abyss below 2800;
4) DXY fell briefly below 97;
Please also note that the pullback was stopped at 1300 which is psycological and may hide strong resistance.
For further information on previous structures please refer to related ideas links below:
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
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