From a technical perspective Gold price remains in an uptrend both on the short and medium timeframe. It was ascending in a steep channel but now appears to be pulling back down after peaking on Monday.
The Average Directional Indicator (ADX) on the 4-hour chart is at 55, which is a very high reading. ADX measures how strongly an asset’s price is trending and when it reaches above 50 it is often a sign the trend is close to exhaustion. Given the high reading was accompanied by a two bar reversal pattern from Monday’s highs and a steady decay since, it may be a sign Gold price could pull back further, probably to the base of the channel in the $1,960 region.
Overall the trend is bullish, however, suggesting that once it has finished its correction it will probably continue rising. It could require a decisive break and close below the lower channel line to indicate a deeper correction or reversal of the uptrend was taking place.
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
اترك رسالتك الآن