XAU/USD eyes 38.2% Fib retracement support

 

  • Gold’s weekly chart momentum studies have turned bearish. 
  • The metal risks falling to key support at $1,836. 

The market prediction is according to TopAsiaFX.

Gold looks set to extend its recent decline of 1 $ 836 – the 38.2% Fibonacci rally from March to August – the crucial technical indicators have rolled over in favor of the bears.

The weekly chart histogram MACD, an indicator used to gauge changes resistance trend and trend, now prints a deeper bar below the zero lines, a sign of the strengthening of the downward trend.

The product has a simple moving average crossover negative 5 and 10 weeks.

Moreover, Marubozu's bearish candle last week shows bearish sentiment is strong enough.

As such, lower support at $ 1836 seems likely. A close above last week’s high of 1966 is necessary to invalidate the bearish outlook.

At press time, gold is trading largely unchanged over the day at $ 1,860 per ounce. Prices fell more than 4% last week that the generalized recovery rally in the US dollar has accelerated.

Comments

Post a Comment

Popular posts from this blog

Best 5 Educational Sites For Learning Forex Trading In 2020

Image
Forex trading is a booming industry in many countries these days. More and more people are seeking a way to participate in this market. Some are taking part in Forex courses or even trading school. Some are learning from friends. And others are learning on their own. That’s right, you can self-educate in Forex trading. So today, I will highlight to you 5 websites that are best to learn Forex trading if you want to learn it all by yourself. Therefore, without any further ado, let’s dive right in. Here are the deets… Top4ForexBrokers This is the best site if you’re looking for a good Forex broker and their basic information. This site lists every possible need for any type of trader. We all know that finding a good broker is an important part of the trade. It is equally important to the trading plan or strategy. I always had this to say: Everything you do, you do it on the broker’s platform. That means how well your broker will significantly affect your trading. That’s why choosing a sui
Read more

Forex Trading Strategy: A Complete Guide for Beginners

Image
The advent of international trade has brought many benefits, one of which is to consolidate the foundations of globalization. While other factors such as world peace and stability played a crucial role in the founding of globalization and the laws that govern it, international trade was essential to accelerate the process. In doing so, countries have been able to export crucial resources to other countries in the world and to import essential resources. In addition, changes during the period have also led these countries to launch a monetary system. Initially, these currencies were fixed to a specific commodity - gold at the moment - and then to the US dollar. However, as history will, most countries have chosen not finally come together and finally adopted a floating currency regime, one that allowed the currency of a country according fluctuate forces demand countries and supply in the market and not controlled by a government or indexed to a specific dominant currency (as was the ca
Read more

Read A Definite Guide About Forex Currency Pairs.

Before registering to get an account, it's important to know the basics of forex trading from currency pairs, etc. The currency pair compares the value of two currencies through the numerator / denominator relationship, with the base currency above and the currency quoted at the bottom. In the EUR / USD currency pair, the most popular currency trading instrument in the world, EUR is the base currency and USD is the quote currency. See around 2019 Top 10 Forex Brokers The EUR / USD quote shows a ratio that is roughly the same as what you will pay if you visit Paris and need to exchange dollars with euros. USD is equal to $ 1.00 in this calculation, so the quote "EUR / USD 1.23000" means that the euro is trading 23% more than the US dollar. Each proportion is quoted in two to five decimal places and also comes in a reverse version, which creates a new currency pair that moves in the opposite direction. To follow our example, EUR / USD measures the value of the eur
Read more