This is an interesting chart. Gold priced in Pounds was rejected at the Hypotenuse resistance of a descending triangle, reflecting a bounce in the Pound.
This is a bearish formation and indicates either a) incoming extreme Gold weakness, or b) a period of possible GBP strength.
Since the fundamentals favor the Dollar, I am prepared to bet against its inversely-correlated asset -Gold, and that a falling Gold price in Pounds would reflect a mark down in a Dollar-denominated asset across the board.
Nevertheless, it is interesting that we are approaching a climax in the Brexit saga - news events could spark volatility at this juncture, and the Gold price in GBP is foretelling this.
This is a bearish formation and indicates either a) incoming extreme Gold weakness, or b) a period of possible GBP strength.
Since the fundamentals favor the Dollar, I am prepared to bet against its inversely-correlated asset -Gold, and that a falling Gold price in Pounds would reflect a mark down in a Dollar-denominated asset across the board.
Nevertheless, it is interesting that we are approaching a climax in the Brexit saga - news events could spark volatility at this juncture, and the Gold price in GBP is foretelling this.
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Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.