Gold prices fell to a nearly two-year low amid a rise in the Dollar index to a 20-year record.
Quotes for December contracts on the New York Mercantile Exchange in trading on Monday fell to $1647, which is about 0.50%.
We can assume that rising government bond yields and a rising dollar index are the main bearish factors pushing the futures to continue their bearish trend.
From the technical analysis point of view, we see gold on the retest of the lower boundary of the previously broken channel after the false break-down of the 1634 level forms a new downward impulse, which indicates the bears' intention to confirm the price fixation in the short zone to activate selling.
I see two scenarios at the moment: green is long (weak counter-trend scenario). If the price makes a final false-break-down and manages to return to the boundaries (above the support level at the moment) of the descending channel, it will have a potential to go up to the resistance.
But I'm leaning towards the red scenario - short (strong scenario). We can see the price consolidating under the previously broken lower boundary of the price channel - which already indicates bearish sentiment.
I assume that we might see the price fall to the support of 1574 in the nearest future
Regards R. Linda!
Quotes for December contracts on the New York Mercantile Exchange in trading on Monday fell to $1647, which is about 0.50%.
We can assume that rising government bond yields and a rising dollar index are the main bearish factors pushing the futures to continue their bearish trend.
From the technical analysis point of view, we see gold on the retest of the lower boundary of the previously broken channel after the false break-down of the 1634 level forms a new downward impulse, which indicates the bears' intention to confirm the price fixation in the short zone to activate selling.
I see two scenarios at the moment: green is long (weak counter-trend scenario). If the price makes a final false-break-down and manages to return to the boundaries (above the support level at the moment) of the descending channel, it will have a potential to go up to the resistance.
But I'm leaning towards the red scenario - short (strong scenario). We can see the price consolidating under the previously broken lower boundary of the price channel - which already indicates bearish sentiment.
I assume that we might see the price fall to the support of 1574 in the nearest future
Regards R. Linda!
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(don't copy, click on the links!)
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: telegram.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: telegram.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: telegram.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: telegram.me/RLindaSignals
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