Weekly chart:
The precious metal gold is still underway in an intact downtrend in the big picture and there, it is currently located in the correction. The upper limit of the correction zone lies at 1307 dollars. This means that the ongoing correction still has a lot of space. At 1233.79 dollars, we currently have the 20 SMA from the monthly chart passing through, which should almost certainly call several sellers to action once more. From there, the downtrend could continue on again.
Daily chart:
In this trend size, there is currently no valid trend. For this, the last high would have to be overcome by the closing price at 1170 dollars. Only then would we have a valid trend. Until then, no trading opportunity will present itself in this trend size.
Hourly chart:
The current upward movement in the higher timeframes is reflected by a valid uptrend in the hourly chart. In order to yield a chance for trading here, the price would have to run back into the last correction zone – which is located between 1151 $ and 1138 $ – develop reversal signals there and then pick up the movement once again. Then an interesting long chance would become available. In this case, the stop should be placed below the correction zone.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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