Trading Idea Gold

We had call for a test of 1489 on Monday and, Gold reached a low of 1486.60. In our Daily FX Commentary today, we talk about 1486.60 being a possible low and the end of the corrective decline from the 1519 high. The low of 1486.60 was also just below the Fibonacci 50% of the rally. We had provided 1495 as the trigger point. Price has now moved above the trigger point of 1495. Stochastic has turned up from the oversold extreme and MACD is about to turn bullish. Momentum indicators are hinting of more price upside. Price could be moving higher the previous high of 1536 or the Fibonacci 127% projection point of 1534.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.