Market Analysis: Gold remains bullish, but the technical side is still worrisome

  • master
  • 12.03.2019
  • Comments Off on Market Analysis: Gold remains bullish, but the technical side is still worrisome
<p><a href=”https://admiralmarkets.com/analytics/traders-blog/gold-bullish-technical-worrisome”><img style=”width:auto;” class=”img-responsive” src=”https://fxmedia.s3.amazonaws.com/articles/remote/e612a08e791f01e8ecc0944f0a408907.png” style=”” rel=”” alt=”Economic events calendar”></a></p><p><em>Source: Economic Events March 11, 2019 – </em><a href=”https://admiralmarkets.com/analytics/forex-calendar”><em>Admiral Markets’ Forex Calendar</em></a></p><p>After a very weak start going into the month, Gold has stabilised over the last days and could hold above the crucial support point around 1,275/277 USD. </p><p>After last Friday’s weak NFP reading, combined with comments from Fed of New York President John Williams – that the FED may consider negative rates and quantitative easing in case of an economic downturn – the overall picture in Gold remains positive. </p><p>Nevertheless, from a technical perspective, the region around 1,300 USD should be carefully watched. Here, a short-term short-engagement could be considered, and it wouldn’t come as a surprise if the bullish momentum for Gold finds a stronger zone of resistance here. </p><p>However, as long as Gold trades above 1,275/277, it could be seriously considered to gradually scale into a long position with the target of a mid-term attack of the region around 1,360 USD/ounce. </p><p>If Gold can’t sustainably reconquer the level around 1,300 USD/ounce, the region around 1,275/277 USD should be carefully watched, a break below activates 1,240 USD: </p><p><a href=”https://admiralmarkets.com/analytics/traders-blog/gold-bullish-technical-worrisome”><img style=”width:auto;” class=”img-responsive” src=”https://fxmedia.s3.amazonaws.com/articles/remote/3d904f73322984b936ff9cd552289fde.png”></a></p><p><em>Source: Admiral Markets </em><a href=”https://admiralmarkets.com/trading-platforms/metatrader-5″><em>MT5</em></a><em> with </em><a href=”https://admiralmarkets.com/trading-platforms/metatrader-se”><em>MT5-SE Add-on</em></a><em> USD/CAD H4 chart (between December 12, 2018, to March 8, 2019). Accessed: March 8, 2019 at 10:00pm GMT – Please note: Past performance is not a reliable indicator of future results, or future performance.</em></p><p>In 2014, the value of Gold fell by 1.7%, in 2015, it fell by 10.4%, in 2016, it increased by 8.1%, in 2017, it increased by 13.1%, in 2018, it fell by 1.6%, meaning that after five years, it was up by 6.4%.</p><p><a href=”https://admiralmarkets.com/trading-platforms/metatrader-5″><a href=”https://admiralmarkets.com/analytics/traders-blog/gold-bullish-technical-worrisome”><img style=”width:auto;” class=”img-responsive” src=”https://fxmedia.s3.amazonaws.com/articles/remote/8955ef7934976e6075d23eb5631b7b0a.png” style=”” alt=”Download MetaTrader 5 and begin trading today!” rel=””></a></a></p><p><em>Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter “Analysis”) published on the website of Admiral Markets. 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