Ticker: Gold (US$/Oz) TVC:Gold
Welcome to 2019! Hope that everyone is doing well and making decent money from Mr Market.
As usual, the technical analysis would be segregated into 3 parts
- Short Term – This would be updated once a week (Next update – weekly (subscribed members)
- Mid Term – This would be updated once a month (Next update End Apr 19)
- Long Term – This would be updated once a quarter (Next update End Jun 19)
Important Note 1: Past dated analysis is after the Mid/Long Term Analysis below. This is for us to track our past track records.
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Short Term analysis (Updated Week 10 – 9th Mar 19):
- After hitting a high of 1,346.75 on 20 Feb 2019, we can see gold had performed a healthy correction.
- In every bull wave, it is important for correction to happen for the momentum to be sustainable.
- In the upcoming week, we would expect gold to retest key Fibo level of 1,302.80 and next resistance level of 1,327.00
- Fundamentally, this is supported by the fact that Non Farm Payroll (NFP) results has came way below expectations
- We can see that USD Index had a drastic drop on Friday night, did a wig saw and close off lower.
- Coincidentally, this is also the 3rd time that USD Index failed to break above the resistance line.
Mid Term analysis (Updated Week 10 – 9th Mar 19):
- Analysis is similar to short term, we would expect gold to reach 1,305 level to test the immediate resistance for bull confirmation
Long Term analysis (Updated Week 10 – 9th Mar 19):
- We can see that gold continue to make higher low which would be a good sign for a bullish wave.
- However, do note that if gold is not able to break out in the upcoming weeks, we would be seeing a ranged bound scenario.