Gold is getting squeezed again
A QUICK TECHNICAL OVERVIEW
Looking at the technical picture of XAUUSD on our 4-hour chart, we can see that the commodity is still trading below a short-term downside trendline drawn from the high of May 4th. However, given the proximity of the current price to that trendline, there is a possibility that we may see a violation of it, as the precious metal has been on an upmove since the reversal on June 29th. Gold is also currently trading above a short-term upside support line taken from the low of that same day. In order to get a bit more comfortable with the upside scenario, a break somewhere above the 1933 territory would also be needed.
That said, as long as the aforementioned downside trendline remains intact, the overall trend may still remain to the downside.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Looking at the technical picture of XAUUSD on our 4-hour chart, we can see that the commodity is still trading below a short-term downside trendline drawn from the high of May 4th. However, given the proximity of the current price to that trendline, there is a possibility that we may see a violation of it, as the precious metal has been on an upmove since the reversal on June 29th. Gold is also currently trading above a short-term upside support line taken from the low of that same day. In order to get a bit more comfortable with the upside scenario, a break somewhere above the 1933 territory would also be needed.
That said, as long as the aforementioned downside trendline remains intact, the overall trend may still remain to the downside.
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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