Gold has left the trend channel to the bottom. This is a bearish signal.
Next support is at about 1.280$ (not far away).
RSI also crossed the trend line to the bottom and is now in bearish zone. With 32 not far away from oversold!
MACD is confirming the negative trend.
Next future:
Nobody knows! But if support holds and the indicators are heading to neutral at least, then this could be the turning point for Gold.
In the bigger picture we´re still in the symmetrical triangle - heading to peak. If Gold doesn´t leave this triangle pattern to the bottom the trend stays positive in all.
In short term one should wait and see, if the indicators are turning and Gold rebounds on the support at 1.280$.
To give more bullish signal Gold shall regain the support / now resistance at 1.298$ (fib retracement 50%)
It is not so important that it gets back into the trend channel.
Next support is at about 1.280$ (not far away).
RSI also crossed the trend line to the bottom and is now in bearish zone. With 32 not far away from oversold!
MACD is confirming the negative trend.
Next future:
Nobody knows! But if support holds and the indicators are heading to neutral at least, then this could be the turning point for Gold.
In the bigger picture we´re still in the symmetrical triangle - heading to peak. If Gold doesn´t leave this triangle pattern to the bottom the trend stays positive in all.
In short term one should wait and see, if the indicators are turning and Gold rebounds on the support at 1.280$.
To give more bullish signal Gold shall regain the support / now resistance at 1.298$ (fib retracement 50%)
It is not so important that it gets back into the trend channel.