GOLD Daily TA Cautiously Bearish
GOLD Daily cautiously bearish. Recommended ratio: 10% Gold, 90% Cash. **H&S WATCH. DEATH CROSS WATCH.** *USD is down a bit while energy, commodities, equities, cryptos are up and gold is relatively flat. The relief rally is primarily benefiting risk on markets as money begins to enter it from risk off markets (like gold and bonds); this is still just a technical relief rally that was precipitated by very oversold daily and weekly conditions, the Core PCE report due next Thursday (06/30) should give a clearer picture of what the Fed will do on 07/27/22 and therefore guide the markets in the near term.* Price is currently completing a H&S pattern and trending down at $1827 as it prepares to formally retest the uptrend line from April 2020 (~$1815) as support for the second time since 06/15/22. The 50 MA is currently trending down at $1860 as it quickly approaches the 200 MA at $1845 where it would technically form a Death Cross. Volume remains Moderate (high) and fairly balanced between buyers and sellers (which is indicative of consolidation before a next move). Parabolic SAR flips bullish at the 50 MA ($1860), this margin is neutral at the moment. RSI is currently trending up at 45 after bouncing off of 42 support for the third time in a month, the next resistance is at 67.24. Stochastic remains bearish and is currently beginning to form a trough at 43 as it is still technically testing 53.13 support. MACD is currently crossing over bearish at -8 as it hovers above -10.84 support. ADX is currently trending down at 10 (with little sign of trough formation) as Price is trending down as well, this is neutral at the moment; if ADX was to bottom and begin trending up as Price continued down this would be bearish. If Price is able to bounce here and resist a H&S AND Death Cross then it will likely retest the 200 MA at ~$1840 before potentially retesting $1867 minor resistance. However, if Price continues down here, it will likely formally retest the uptrend line from April 2020 at $1815 as support before potentially falling to retest the largest supply/demand zone on the chart at $1783 support. Mental Stop Loss: (two consecutive closes above) $1844.
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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.