GOLD Trend and Momentum are Aligned
The recent rise in the Gold price is possibly due to the seasonal effect of Chinese New Year and various festive seasons this time of year. In addition, as Equities continue to rise across the globe, investment flows have been going into Gold as portfolio insurance.Gold is having both trend and momentum aligned. That is obviously due to very shallow retracements and a strong upward move that even surpasses a standard trend zig-zag pattern. But at this point, we can see the POC zone has been formed after a long waited retracement. 1305.30-1309.20 is the POC zone. Traders should also pay attention to the possible trend line break. If the trend line breaks (red) -1314.20 we could see the continuation towards 1316.86 and 1327. Pay attention to levels. Only below 1299, we could see a deeper retracement to the downside.
- W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
- W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
- D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
- D L3 – Daily Camarilla Pivot (Daily Support)
- D L4 – Daily H4 Camarilla (Very Strong Daily Support)
- POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
Follow @TarantulaFX on twitter for latest market updates
Your capital is at risk
Sign up for Live Trading Webinars with Nenad Kerkez T
Connect with Nenad Kerkez T on Facebook for latest market update
Read the Camarilla trading blog