Gold chart has played out as a double top

28 June, 2018

The gold chart has played out as a double top with a break under 1300.00 signalling a move down to 1240.00 from its highs at 1365.00. We have now reached the 1250.00 area and some profits are likely to be taken from here on down. Should 1240.00 be broken support can be found at 1236.45 followed by 1229.40. Below this area a drop to 1200.00 could be forecasted with 1204.50 on the way as satellite support.

Resistance above the current level comes in at 1265.25 with the descending blue trend line at 1271.50. A break out higher would give long traders a chance to enter or add to their positions provided 1276.95 is cleared. At this point 1300.00 becomes a target with 1289.45 and the 50 DMA at 1293.44 providing resistance. The rising red trend line should reach 1300.00 before price encounters the level and can provide additional interest at that point. The 200 DMA is sitting on 1300.00 and the move under this MA by the 50 DMA provided a death cross for the chart last week. The 100 DMA at 1302.80 is in danger of following suit.


Source link  
Demand for safe assets grows

Markets remain under moderate pressure, despite the Fed comments. Powell's semi-annual speech in Congress reinforced expectations that the US Central Bank...

US-China trade talks: deadline postponed

China's blue-chip index jumped more than 6% on Monday morning on news that Trump would postpone of the tariff's introduction. The U.S. President...

China buys American oil again

The first U.S. oil shipments to China in months will reach their destinations just days from now, punctuating a pledge by President Donald Trump in December that China would begin buying...


US raises oil prices by imposing sanctions

US oil prices inched up on Tuesday, buoyed by expectations of tightening global supply amid U.S. sanctions on Venezuela and production cuts led...

Trump's tax reform worth $1.5 trillion

One year after one of the biggest tax overhauls in American history, a survey released on Monday has revealed that the tax cut has not brought about...

Equity market causes investors confusion

As a turbulent December in equity markets draws to a close, there's one thing traders and investors can agree on: these are not usual times, especially...


Global debt exceeded $ 184 trillion

According to the International Monetary Fund (IMF), the global debt has achieved $184 trillion with $86,000 per person, a figure that is twice larger than...

Why U.S. markets are under pressure

Global markets are on the rise on Wednesday, adding more than 1.2% on the MSCI Asia ex Japan index. Japanese Nikkei jumped by 2%. Chinese...

Dow recovers after 500 points decline

Stocks closed higher Monday as major indexes bounced back from earlier losses as renewed confidence in the strength of the U.S. economy offset lingering...


In the past 24 hours Bitcoin has gained 0.3% and reached $4036.15964731. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.213% and is now at $1.1284. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 4.83% and is now at $139.558051121. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2019

# Broker Review
1easyMarketseasyMarkets91%
2FXTMFXTM89%
3HYCMHYCM88%
4FxProFxPro86%
5FIBO GroupFIBO Group85%
6OctaFXOctaFX84%
7HotForexHotForex81%
8FXCMFXCM78%
9AlpariAlpari76%
10XMXM74%
  


Share: