GOLD: Years-End-Outlook! We are at the CRUCIAL ZONE!
Hey Tradomaniacs,
welcome to another weekly overview of Gold!
Let`s take a look at the year and what we see is crazy!
Gold started very well with the years-end-rally of 2017 and retestet the High of 2016!
Technical aspects:
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Gold was steady inside a range of 1.303 - 1.365 and broke through the important support of 1.280!
This caused a massive sell-off as every else down to to low of 1.160 which got stronger after
we`ve violated the trendline which started at the low of November 2015.
And as always - the 61,8% retracement was the bulls HEROS which is @ 1.183 and is the current support
after this sell-off. We`ve started to retrace up to the trendline again and are currently at a VERY crucial ZONE.
This ZONE is a very strong resistance and should be decisive for the next move!
We are at the 61,8% retracement of the previous sell-off which is at the trendline
Addotionally we`ve almost reached the 1,61% extension-level of the bulls whose bought this retracement.
Time to take profit or stack up positions?
Is all this a downtrend and we continue after this retracement?
Or will this turn out to be a fakeout and we continue the uptrend above the trendline?
--------------------------------------------------------------------------------------------------------------------
Fundamentally I see a lot of potential in Gold which alwys used to be a safe haven in bloody stock-markets.
The inverted yield-curve used to be a very reliable indicator for a upcoming recession and could change the cashflow
out of stocks into alternatives like gold!
We will see what happens!
I WISH YOU A HAPPY NEW YEARS EVE! Enjoy the time with family and friends! :-)
---------------------------------------------------------------------------------------
LEAVE A LIKE AND A COMMENT - I appreciate every support! =)
Peace and good trades
Irasor
welcome to another weekly overview of Gold!
Let`s take a look at the year and what we see is crazy!
Gold started very well with the years-end-rally of 2017 and retestet the High of 2016!
Technical aspects:
--------------------------------------------------------------------------------------------------------------------
Gold was steady inside a range of 1.303 - 1.365 and broke through the important support of 1.280!
This caused a massive sell-off as every else down to to low of 1.160 which got stronger after
we`ve violated the trendline which started at the low of November 2015.
And as always - the 61,8% retracement was the bulls HEROS which is @ 1.183 and is the current support
after this sell-off. We`ve started to retrace up to the trendline again and are currently at a VERY crucial ZONE.
This ZONE is a very strong resistance and should be decisive for the next move!
We are at the 61,8% retracement of the previous sell-off which is at the trendline
Addotionally we`ve almost reached the 1,61% extension-level of the bulls whose bought this retracement.
Time to take profit or stack up positions?
Is all this a downtrend and we continue after this retracement?
Or will this turn out to be a fakeout and we continue the uptrend above the trendline?
--------------------------------------------------------------------------------------------------------------------
Fundamentally I see a lot of potential in Gold which alwys used to be a safe haven in bloody stock-markets.
The inverted yield-curve used to be a very reliable indicator for a upcoming recession and could change the cashflow
out of stocks into alternatives like gold!
We will see what happens!
I WISH YOU A HAPPY NEW YEARS EVE! Enjoy the time with family and friends! :-)
---------------------------------------------------------------------------------------
LEAVE A LIKE AND A COMMENT - I appreciate every support! =)
Peace and good trades
Irasor
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