Home > Futures channel >                 text

Empty carnival? Gold forecast: still facing a lot of downside in the new week

April 15, 2019 08:13
source: FX168

Oriental Fortune APP

  • Convenient
  • Mobile phone viewing financial news
  • Professional, rich
  • Master the pulse of the market

Read articles on your phone

  • prompt:
  • WeChat sweep
  • Share it with you
  • Circle of friends
Summary
[empty carnival? Gold forecast: There is still a lot of downside in the new week.] From a technical perspective, the gold bears still dominate, and the daily chart is out of a long empty to engulf the candle line. At the same time, the Stochastic has remained bearish and faces significant downside. At the same time, the price of gold traded below 1303 (50% Fibonacci retracement) below the US dollar/ounce, and was limited to the 21st and 50th moving average crosses below the level of $1,298 per ounce. These are technical bearish signals. (FX168)

K map gc00y_0

For the future of gold in the next week, FXStreetAnalystRoss J Burland writes a brief technical analysis and forecast. The main points of his views are as follows:

From a technical point of view, the gold bears still dominate, and the daily chart is out of a long empty to engulf the candle line.

At the same time, the Stochastic has remained bearish and faces significant downside. At the same time, the price of gold traded below 1303 (50% Fibonacci retracement) below the US dollar/ounce, and was limited to the 21st and 50th moving average crosses below the level of $1,298 per ounce. These are technical bearish signals.

If the price of gold falls below $1,285 per ounce, then it will be $1,280 per ounce, which will open the door for a further fall to $1,275 per ounce, which is the gold price from the August 2018 low to the February high. The 38.2% Fibonacci retracement of the gains.

If the price of gold continues to fall below the 200-day moving average of $1249.90 per ounce, it will continue to fall to the 50% Fibonacci retracement level of $1249.00 per ounce.

On the upside, the price of gold needs to break through $1,308 per ounce (61.8% Fibonacci retracement), which may attract new buying near the trend line resistance, thus chasing the February high of $1,346.60 per ounce and $1,350. / ounce level.

【Related reports】

  It is good for too many institutions to be optimistic about the long-term gold price.

  World Gold Council CEO TEDA Wei: optimistic about gold ETFs and related derivatives

  "Country sitting on the gold mine", the gold is about to be finished.

(Article source: FX168)

                (Editor: DF318)

you might be interested
  • News
  • stock
  • global
  • Hong Kong stocks
  • US stocks
  • futures
  • Foreign exchange
  • life
    click to see more
    No more recommendations
    • name
    • Code
    • Latest price
    • Quote change
    Please download Oriental Fortune products to view real-time quotes and more data.
    Solemnly declare:Oriental Fortune.com publishes this information in order to disseminate more information and has nothing to do with the position of this website. Oriental Fortune Network does not guarantee the accuracy, authenticity, completeness, validity, timeliness, originality, etc. of all or part of this information (including but not limited to text, data and graphics). The relevant information has not been confirmed by this website, and does not constitute any investment advice for you. According to this operation, the risk is at your own risk.