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How Is Future Strategy after Gold’s Sharp Rally?
Abstract：WikiFX News (10 Aug) - Gold prices broke the barrier of $2,000 per ounce for the first time last week but saw a pullback on Friday. What strategy is acceptable for investors in future tradings?
WikiFX News (10 Aug) - Gold prices broke the barrier of $2,000 per ounce for the first time last week but saw a pullback on Friday. What strategy is acceptable for investors in future tradings？
Although the theme of bullish gold is far from new, the aggression occurred last week indicates that purchases for gold remain strong even in the absence of direct and significant drivers. The dollar’s weakness can explain at least some of the market fluctuation in last week.
Such pullback may continue through early this week, but the bigger question is, what will happen once gold prices ease back around the support level？ In terms of two potential support zones, the nearest one is 1987.95-2009.10, which straddles the 2000 psychological level; while the other deeper one is 1920.94-1941.25.
Long-term strategies may face challenges in such background. According to the monthly chart, RSI is now at its most overbought state since 2008, approaching to the level registered ahead of the Financial Collapse. Therefore, it is not an area for traders to get comfortable, even gold prices have achieved a new all-time-high from the level of $2000.
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Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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WikiFX| Daily F.X. Analysis, August 28 |Arslan Ali Butt-KOL
EurAud – A Possible Third Retest of the Support Zone|KOL Analysis• Jasper Njuguna
The last three months has been a state of dull to especially swing traders who were riding the bearish trend as there now caught up in a range zone for the stated trading duration period. Earlier in the year, we saw a significant strong bullish move that started right about 1.61034 price handle and as per now it is still holding fort as a credible support level with four retest to the upside. It may not lost on market participants that that level still holds some very worthwhile long limit orders or buys orders from large players and position traders.
GBP/USD Remains An Attractive Buy!|KOL Analysis•Olimpiu Tuns
GBP/USD edges higher and it’s almost to hit 1.3285 yesterday’s high as the greenback is punished by USDX’s sell-off. The pair has confirmed again that the bullish bias remains intact on the Daily chart. Another higher high, a bullish closure above 1.3285 brings in new long opportunities. USD takes a hit from the US Dollar Index which failed once again to take out a dynamic resistance. USDX is traded at 92.61, right above 92.55 critical support. A valid breakdown validates a deeper drop and EUR/USD bullish run.
USD/CAD - Could A Short Term Reversal Be on the works?|KOL Analysis• Jasper Njuguna
Even though my sentiment for this pair is still bearish, as one looks at a text book perfect descending channel and where the upper trend line really being respected as strong support line having being tested four times. Nevertheless, it seems currently as we near close of monthly trading session, either sellers may be giving up ground, facing some bearish trend exhaustion or purely taking out some of the profits if at all not taking out their positions.
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