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Range or trend, what is the prospectus a front of gold
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Loading...Gold demand has fallen to its lowest level since the financial crisis since the prospect of interest rates has prompted investors to focus on other instruments. World demand for gold amounted to 973.5 tonnes in the Q1 of 2018.
Meanwhile, only 32.4 tons of gold were traded on stock-traded funds, and jewelry consumption declined by 1%.
Traditionally, gold is seen as a refuge during uncertainty and economic stress. Given the circumstances that were created at the beginning of the year, traders accumulated geopolitical tensions and market crashes.
What's next from here?
Gold will most likely remain in a range near the peaks, and current prices are a good entry point for traders who prefer to trade in consolidation. The price is at the bottom of the consolidation, indicating a raise. What do we have? Horizontal support area formed by horizontal support, 200SMA and 50% Fibonacci adjustment of the last wave. In addition, DeMarker points up from a surplus sales area - positive for the price.
Trader Petar Milanov Read more:
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