Commodity forecast / GOLD / Our expectations
Long-term upward trend, higher bottoms. The price reached diagonal and horizontal support, SMA 200 and FiBo 38.2. Technical indicator CCI(50) below level 0, but the oscillator is turning in north direction which is positive signal. One unsuccessful attempt for break of the zone of support at level 1260 on 06.10 and pullback of the price above the zone, indicates that the bear are lacking power to drag the price down.
Sentiment: Despite that the North Korea situation is currently under control, the investors are unwilling to get rid off the hedging instruments like GOLD. The fear of investors, even thought is limited, is still on the market.
Alternative scenario: If the price breaks below the zone of support, we can see new downward impulse and dismissing of the positive scenario.
SL: 1258.00
Trader Bozhidar Arabadzehiv
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