Trading news

Gold – prognosis via Dow Theory

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.

Chart1

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.

Chart2

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.

Chart3

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

IMPORTANT NOTE: Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer's investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk. Please refer to the current version of the Terms and Conditions.

Wednesday, 06 Jan, 2016 / 4:31

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