Thank "Gold" It's Friday - Weekly Update
Last week I wrote that "The high volatility induced investors to profit-taking, thus I will expect the price to consolidate in the next week, eventually recovering some points sustained by new bullish positions for long-term investments. "
We had that consolidation phase, however with further bearish movement on the first day of trading of the week, later recovered.
Now we are trading in an important channel under the $1562 price level and above the $1535. It's essential to understand what will happen around $1562, also an Ichimoku resistance.
What to do now
If you are a side-watcher, do nothing and wait for an exploit above/under the resistance/support level. If you are holding a position, let the Gold chart to be your daily companion. I would place a stop loss around the main resistance/support.
Investing Fellow
Disclosure: My ideas contain statements and projections based on assumptions on capital markets, and therefore inherently subject to numerous risks and uncertainties.
Before buying or selling any stock you should do your own research and reach your own conclusion or consult a financial advisor. Investing includes risks, including loss of principal.
I am not a financial advisor.
We had that consolidation phase, however with further bearish movement on the first day of trading of the week, later recovered.
Now we are trading in an important channel under the $1562 price level and above the $1535. It's essential to understand what will happen around $1562, also an Ichimoku resistance.
What to do now
If you are a side-watcher, do nothing and wait for an exploit above/under the resistance/support level. If you are holding a position, let the Gold chart to be your daily companion. I would place a stop loss around the main resistance/support.
Investing Fellow
Disclosure: My ideas contain statements and projections based on assumptions on capital markets, and therefore inherently subject to numerous risks and uncertainties.
Before buying or selling any stock you should do your own research and reach your own conclusion or consult a financial advisor. Investing includes risks, including loss of principal.
I am not a financial advisor.
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