GOLD Technical Analysis
- Move down from W L4
- Selling the rallies
- Bearish trend continues below 1850
- Support is near
MEGATREND MAs: Bearish
H4 Chart GOLD
- Important support
- Swing high
- Outside bar
- Intraday bearish target
- Final target
GOLD is still bearish. Technicals show a clear downtrend with many failed attempts for counter trend moves. The price is straddling the MAs and I expect further bearish continuation. Selling the rallies is an option with the 1750 zone being a strong support. If the market breaks 1750 only then we will see increased bearish pressure. The target will be 1729 which is Monthly L3.
Gold movement is influenced by the USD where we naturally see the negative correlation. Other factors to influence GOLD price movements are:
- Gold production
- Global money supply
- Global inflation
- Interest rates
- Currency debasement
- Global imbalances
- Government reserves
- Safe haven demands.
This analysis, and all entry signals and targets are a part of the Megatrend system and a trading course. I closed all of my short positions. I am planning to sell the rallies towards the 1770 zone.. My Telegram group received 6 GOLD signals in the last 2 weeks. The hit ratio was 80 %. Watching the daily time frame for this trade but it is qualified as intraday/intraweek trade.
Summary of July trading results is HERE(click to see)
Cheers and safe trading,
Nenad
