Gold Technical Analysis For Next Week

Gold Technical Analysis For Next Week

What will be the trading strategy in Gold for next week?

Updated : 15-Sept-2019

Gold has breached its psychological level of 1500 $ on last Friday and closed below that at  1496 after touching the low of 1493.25. If we analyze past few days moves in Gold then we can see that it went near 1566 $ two times, but did not manage to sustain and crossed beyond that. 

If we analyze the gold daily and weekly chart and try to draw the trend line, we can clearly see that it has respected the uptrend line and closed just near that as you can see in the below daily chart of gold.

To enlarge the chart click on the chart and then click on the backward arrow on the browser. 

Comex Gold Daily Chart

Gold is trading below the 20 days EMA and it closed just above the 50 days EMA. If gold respect uptrend line and trades above 50 days moving average then price may move up from this level. Our first support may be near 1485 level which is 50 days moving average support and if it breaches the 1485 level and sustains below that then the next support is near 1440 level which is a 100 days moving average support level. Gold has not created panic selling yet now and the probability of reversal and continuing the uptrend is still high. 

Next week Fed meeting and decision to cut interest rate will be in focus.