Gold Price Analysis: Dual support opens door to $1,743 on “quadruple witching” Friday– Confluence Detector
Gold has been trading in a narrow range but could ready to break to higher ground as it has strong support. Volatility is set to increase on as options and futures are set to expire on Wall Street on "quadruple witching Friday."
The Technical Confluences Indicator is showing that XAU/USD has significant support at $1,725, which is a dense cluster of lines including the Simple Moving Average 50-15m, the SMA 100-1h, the SMA 50-1h, the SMA 200-15m, the Fibonacci 38.2% one-day, the SMA 5-1h, and the Bollinger Band 4h-Middle. Read More...
Gold Spot remains in a volatile sideways trend
Gold Spot remains in a volatile sideways trend as expected. We cannot hold positions for long as prices chop up & down quite violently. Shorts at 1728/30 unfortunately stopped above 1733 before we reversed from 1737/39 to 1718/16. We had 2 buying opportunities here for a bounce to 1725/26, so a profitable day in the end.
Silver Spot sideways as expected & outlook remains neutral/negative in the trend. Again our shorts at strong resistance at 1750/60 worked perfectly on the slide to first support at 1727/25. We bottomed exactly here. Read More...
Gold Price Analysis: Bulls looking to extend intraday positive move beyond $1730-32 region
Gold built on its steady intraday positive move through the early European session and was last seen trading near daily tops, just above the $1730 level.
The commodity caught some fresh bids on the last day of the week and staged a goodish bounce from a short-term ascending trend-line support, extending from monthly lows around the $1670 region. The uptick was supported by fresh coronavirus jitters. Read More...
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