Mr. Gold Is Still Here

By Alexandros Yfantis of Trading2Day

Alexandros Yfantis • Mar 1, 2017 at 11:45 AM EST

Gold made a stronger pull back yesterday and all the short-term bears rejoiced but I believe their enthusiasm will not last

Gold made a stronger pullback yesterday and all the short-term bears rejoiced… but I believe their enthusiasm will not last… Gold is making bigger upward moves than the pullbacks and trend remains bullish as price continues to make higher highs and higher lows… Did you see where the decline in Gold price has stopped? Right above the previous resistance area of $1,245 which is now a support. Gold retraced nearly 61.8% of the recent rise and price stopped right on top of the short-term support trendline connecting recent lows.

(Click on image to enlarge)

My first target remains $1,280 and I see many chances of challenging $1,300-$1,320.

(Click on image to enlarge)

Today I added to my long positions in Gold at $1,245 in April contracts. I believe we are still in a bullish trend and yesterday’s pullback was justified. For me, it is not a sign of weakness but a sign of a healthy bullish trend with the necessary pullbacks to relieve overbought conditions. However, we should not ignore the possibility that we have already topped. There are slim chances for this bearish scenario but overall we would not like to see Gold price break below $1,200.

Disclaimer:

All persons and entities contributing to the content on this website, and their representatives, agents, and affiliates are not providing investment or legal advice on this website. Nor are they making recommendations with respect to the advisability of investing in, purchasing or selling securities, nor are they rendering any advice on the basis of the specific investment situation of any particular person or organization. All information on this website is strictly informational and not to be construed as advocating, promoting or advertising registered or unregistered investments of any kind whatsoever. The sole purpose of the contents of this website, and any oral or written presentation in any way referring to or relating to this website, is to provide information which could possibly be used by a person in discussions with his/her/its investment advisors and/or investment decision makers.

Trading2day.com (hereinafter T2D) is not an investment firm, and its employees, agents or representatives are not acting as investment advisors. The investment information, including (without limitation) any investment suggestions, provided on this website are not a substitute for the advice of an investment advisor. T2D is not responsible for the accuracy of any information on this website or for reviewing the contents of the listings that are provided by the listees or any linked websites, and T2D is not responsible for any material or information contained in the linked websites or provided by listees. You should make your own independent investigation and evaluation of any possible investment or investment advice being considered.
The information provided on this website is not guaranteed to be correct, complete, or current. T2D makes no warranty, express or implied, about the accuracy or reliability of the information on this website or at any other website to which this site is linked. If you use any links to other websites, you do so at your own risk. T2D is not responsible for the contents or availability of any linked websites. These links are provided only as a convenience to you.

Any information that you send us in an e-mail message is not confidential or privileged, and T2D may use any information provided to us for any legal purpose.

T2D is not responsible for any loss, injury, claim, liability, or damage related to your use of this website or any website linked to this website, whether from errors or omissions in the content of our website or any other linked websites, from the website being down or from any other use of the website. Your use of the site is at your own risk. Day trading, short term trading, Options Trading, and Futures Trading are extremely risky undertakings. They generally are not appropriate for someone with limited capital, little or no trading experience, and/or low risk tolerance. Never execute a trade unless you can afford, and are prepared to, lose your entire investment. All trading operations involve serious risks, and you can lose your entire investment. Always perform your own due diligence and make informed decisions with the help of a licensed financial professional. We make no warranties or guarantees as to our accuracy, the profitability of any trades which are discussed, or any other guarantees or warranties of any kind.

STOCKS IN THIS ARTICLE

Comments

Back to all articles