Gold At Strong Resistance Level : Downtrend Expected Next
After Analyzing
GOLD
Fundamental And Technical Points I came up With this Points:
FUNDAMENTAL POINTS :
1) US-CHINA TRADE WAR IS GETTING EASE SO THIS MAY BE A NEGATIVE FACTOR FOR GOLD
2) ON FRIDAY 04-01-2019 FED POWELL SAID INTEREST RATES MAY BE STABLE SO THAT WILL HELP EQUITIES TO RISE AND MAKE SOME INVESTORS PULL THERE MONEY FROM GOLD THAT MAY CREATE SELL OFF
3) CHINA ECONOMY IS SLOWING WHICH IS MAJOR GOLD CONSUMPTION COUNTRY THIS MAY ALSO AFFECT
TECHNICAL POINTS:
1) GOT REVERSAL FROM $ 1299 THAT MEANS STRONG RESISTANCE AT 1300
2)WEEKLY CLOSE BELOW FIBO LEVEL .68 THAT IS AT 1287
3)ON WEEKLY CHART : DOJI FORMATION
MY VIEWS :
I WILL SHORT GOLD FROM HERE ON WITH STOP AT 1300 AND LONG TERM TARGET OF 1244
GOLD
Fundamental And Technical Points I came up With this Points: FUNDAMENTAL POINTS :
1) US-CHINA TRADE WAR IS GETTING EASE SO THIS MAY BE A NEGATIVE FACTOR FOR GOLD
2) ON FRIDAY 04-01-2019 FED POWELL SAID INTEREST RATES MAY BE STABLE SO THAT WILL HELP EQUITIES TO RISE AND MAKE SOME INVESTORS PULL THERE MONEY FROM GOLD THAT MAY CREATE SELL OFF
3) CHINA ECONOMY IS SLOWING WHICH IS MAJOR GOLD CONSUMPTION COUNTRY THIS MAY ALSO AFFECT
TECHNICAL POINTS:
1) GOT REVERSAL FROM $ 1299 THAT MEANS STRONG RESISTANCE AT 1300
2)WEEKLY CLOSE BELOW FIBO LEVEL .68 THAT IS AT 1287
3)ON WEEKLY CHART : DOJI FORMATION
MY VIEWS :
I WILL SHORT GOLD FROM HERE ON WITH STOP AT 1300 AND LONG TERM TARGET OF 1244