www.varchev.com

Sales in GOLD remain more likely

GOLD

Time frame: H1, H4

Technical analysis: The 4-hour chart shows that the price managed to break the flag consolidation. Shortly afterwards quickly returned to the resistance of the formation. On July 26, 2019, the precious metal re-tested the already active resistance (the yellow trend line), at which point sellers entered the market sending it to the level 1410. From this level the price entered into short-term consolidation, and on 26.07.19 it did re-test of the broken support (white trend line). Currently, it moves into a new downward trend channel, with the downward movement expected to continue to the support of the channel (the green trend line).

Indicators: In both time frames, RSI and DeM are around 50%, which supports the downward scenario.

On a 4-hour time frame 50 periodic averages play a role of resistance. 100 periodic are in neutral phase. 200 periodic play a role of extremely strong support.

On a 1-hour time frame, all periodic averages play a role of resistance.

Alternative Scenario: If the price can break through the aforementioned resistances, then we can expect a long-term appreciation and continued upward trend.


 Trader Milko Zashev


Read more:
RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.
WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.
Varchev Finance