Free Articles

Time Trader Insights

Exclusive insights into the current trends in financial markets.

1 minute reading time (198 words)

GOLD UPDATE

Gold has bounced nicely off the $1240/oz price level and has made a solid 50.0% Fibonacci retracement back into the $1310 area.

The chart below provides an update of the spot Gold price futures contract, and how the WD Gann  dynamic "harmonic" angle continues to provide price support on gold at these key levels.  Those of you who are regular readers to this page will know I posted this angle before the gold price moved higher.  You can review that post by clicking here.

Gold - Nov 5 dynamic Gann angle

click to enlarge image

The next chart shows the key Fibonacci retracement levels to watch for price resistance on this move up.

Gold - Nov 5 fibonacci retracements

click to enlarge image

With the US elections coming up in the next few days, most of the market had priced in a Hillary Clinton victory, however Trump's recent surge back in the polls has seen some big money move back into gold.  A Trump upset, and we could easily see the price of gold explode higher to the upside.  If Hillary Clinton however prevails as expected, then we need to watch the Fibonacci levels between $1310 and $1240 for a possible movement back down.

Prosperous trading as always.

Until next time...

 

ASX 200 - time and price analysis
Gann "harmonic" angles - S&P 500 and Gold
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Wednesday, 29 January 2020

Contact

This email address is being protected from spambots. You need JavaScript enabled to view it.

This email address is being protected from spambots. You need JavaScript enabled to view it.

Register for updates

*