Gold has been on a strong run this year.
Right now, there was a shooting star candlestick at 2019's high. This indicates a shift in momentum that could pull the price lower. We see that it is currently trading above its trends mean level, which again signals a change in direction.
Scenario A: A move lower. We expect the market to potentially continue to fall lower towards it's mean, which we have $1,311.90 as an area that may support the price. Should the market's selling pressure continue then we should see gold fall as low ~$1,280.
Scenario B: A retracement higher. The recent price action could all be a small reversal and could allow an opportunity to buy into the larger overall bullish trend of 2019. IF the price continues to rise and trades above $1,329 then we could see the markets move higher towards the $1,355 level.
This analysis is for informational purposes only and is not a recommendation, buy/sell signal, or advice in any format.
Right now, there was a shooting star candlestick at 2019's high. This indicates a shift in momentum that could pull the price lower. We see that it is currently trading above its trends mean level, which again signals a change in direction.
Scenario A: A move lower. We expect the market to potentially continue to fall lower towards it's mean, which we have $1,311.90 as an area that may support the price. Should the market's selling pressure continue then we should see gold fall as low ~$1,280.
Scenario B: A retracement higher. The recent price action could all be a small reversal and could allow an opportunity to buy into the larger overall bullish trend of 2019. IF the price continues to rise and trades above $1,329 then we could see the markets move higher towards the $1,355 level.
This analysis is for informational purposes only and is not a recommendation, buy/sell signal, or advice in any format.