Technical Comment: We are seeing a long-term upward trend in the gold that still holds. Currently, the price makes a second attempt to test the lower diagonal support, but also at Fibonacci level 38.2 at a price of 1276.06. For the moment, the price has been successfully holding above the trendline, with bulls trying to keep control. The price remains below 50 - the period average, which plays as resistance against upward movements, but the price is still over the 200 - period moving average.
Fundamental Commentary: Gold remains volatile in light of the trade war and frequent shifts in risk sentiment on a daily basis for risky assets. Demand for precious metal meets support in the outlined area around 1276.
Aggressive entry: Purchases at current levels.
Conservative entry: Waiting a close for the daily candle to confirm the closure over the diagonal line and 38.2 Fibonacci, then proceed to purchase.
Alternative scenario: The price penetrates the Fibo and diagonal levels and closes below them, and the likelihood of our bullish scenarios is reduced dramatically.
Stop loss: 1250.17
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.