Weekly chart:
Gold has now reached a mature stage of its downtrend. The last low currently lies at $ 1046; the current correction zone runs from $ 1071 to $ 1191. It is possible that gold has found a provisional bottom in the area around approx. $ 1050. With the falling stock markets, the correction that is currently underway could definitely become larger.
Daily chart:
In the daily chart we can see the situation more clearly. Here, in its the 11th arm of movement, the downtrend has become extremely mature, causing a real bottom to form in the area of $ 1050. If today’s daily candle can break the red correction zone at $ 1088 with the closing price, the downtrend will no longer be active. This means that a new uptrend could develop in the next few days.
Hourly chart:
The clear correction in the daily chart can be seen as an intact uptrend in the hourly chart. Corrections can be used for an entry here, since the trend is still very young. The chances are definitely on the upper side.
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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