Gold analysis – 8 Aug 2019

0

This post is also available in: فارسی (Persian)

 

By: Ahura Chalki

Can central banks control the Gold?

Global economic growth is slowing down, this is the fact which everyone knows. Markets were expecting more dovish policies and easing measures like rate cut and buying the stocks by central banks. It seems in some countries banks already got the message and we saw that in Australia, New Zealand, and India this week and Mr. Trump also asked the FED to follow them. The main reason here which helps Gold to raise more is an uncertain situation in the market that moves the assets to safe havens like Gold. So for now, just Good economic data and positive outlook is the only way to control the Gold price.

From the technical side, in the H1 chart, the RSI line is getting closer to 50-level and candles are trying to form on the midline of Bollinger Bands with the desire of crossing them down to the lower band as signals that bearish is coming, the signal which MACD already has that, started from last hours of past trading days, by cutting the signal line down by MACD line and histograms forming under 0-level.

 

Pivot point: 1459. 82

Resistance levels: 1520.60 / 1534.00

Support levels: 1481.35 / 1457.57

The expected trading range for today is between 1457.57 support and 1520.60 resistance.


Risk Warning: Trading-Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary, seek independent advice.

LEAVE A REPLY

Please enter your comment!
Please enter your name here