30-mins GOLD: High Demand is Driving the Price Higher
Since early Novermber, Gold was being dominated by sellers, as at one point it dropped with $260. Then we started seeing some recovery attempts and the precious metal reached $2725. Towards the end of November however, sellers regained control and we saw the price sliding back down, this time reaching a higher bottom. For the past few hours today we registered almost a $30 increase, which indicates that buyers find Gold cheap at $2620. Another indication for a possible momentum reversal is that the price broke above the critical 61.2% Fibonacci retracement. This has been a historical signal that such price move is not a correction, but a reversal instead. Buyers who wish to speculate with the current upward momentum, might achieve better risk to reward on their trades, by targeting a lower entry at around $2630.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.