TECHNICAL ANALYSIS: GOLD (UPDATED WEEK 10 ) 9TH MAR 2019 (SHORT, MID & LONG TERM UPDATED)

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

  1. Short Term – This would be updated once a week (Next update – weekly (subscribed members)
  2. Mid Term – This would be updated once a month (Next update End Apr 19)
  3. 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.

Refer to below link for 2018 posts.

Technical Analysis: Gold (Updated Week 52) 29th Dec 2018 (Short, Mid & Long Term updated)

 

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Short Term analysis (Updated Week 10 – 9th Mar 19):

  1. After hitting a high of 1,346.75 on 20 Feb 2019, we can see gold had performed a healthy correction.
  2. In every bull wave, it is important for correction to happen for the momentum to be sustainable.
  3. 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
  4. Fundamentally, this is supported by the fact that Non Farm Payroll (NFP) results has came way below expectations
  5. We can see that USD Index had a drastic drop on Friday night, did a wig saw and close off lower.
  6. 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):

  1. 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):

  1. We can see that gold continue to make higher low which would be a good sign for a bullish wave.
  2. However, do note that if gold is not able to break out in the upcoming weeks, we would be seeing a ranged bound scenario.