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

1comment 2019-04-15 11:32:41 source:FX168 Just do it next week! Steady!

ForgoldThe outlook for the next week, FXStreet analyst Ross 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. SimultaneouslyGold priceTrading at 1303 (50% Fibonacci retracement)DollarBelow / ounce, and limited by the 21st and 50th moving average crosses below the $1,298/oz level, 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.

Keyword reading:Fibonacci Gold price Withdrawal Downside space Technical side

Editor in charge: Lu Shan RF10057
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