Gold Technical Analysis – Hantec Markets 17/08/2020

by birtanpublished on August 23, 2020

Hello everyone and welcome back to my daily report market analysis videos with me richard perry market alice that's han tech on monday the 17th of august let's have a look at gold which essentially is consolidating really it's

Not um doing a great deal to drive market direction at the moment we had that sharp 10 correction um around the turn of the weekend a couple of weeks ago rebounded quite strongly early portion

Of last week but now has now since then just started to settle down a slight amount higher today but nothing too decided about 10 bucks higher about half a percent but you can see here that there is this downtrend

That i've drawn in here this is just very um early stage downtrend and um essentially it's just if it turned lower from here it would be a downtrend it's just a gauge at the

Moment and if it broke higher then uh move towards the sort of 10 and 1960s area then yeah you'd start to see the dow trend breaking but you can see the consolidation taking hold with

Mac uh rsi sort of holding around the sort of mid-point consolidation around 55 stimulus stochastics really macd line's still falling um there is still this risk that uh we

Continue the retreat and come back towards this uh this old uptrend again that uptrend currently comes in today 1878 so there is still room for well 70 bucks worth of 70 bucks worth of

Correction is quite a big correction still but um what i mean the question marks would be what is what would be the driver behind that while the driver would likely to be

A surge higher in yields again um what could be the case of driving that well uh fed me fed minutes may maybe with some sort of ridiculous hawkish surprise very unlikely there more likely would be

The prospect of fiscal supports finally starting to be finally being agreed um would drive yields higher that would be a correction of gold being the result

There but ultimately i would still see any weakness on gold as a chance to buy um i think that it's on a medium term basis is still very strong it's just had a bit of a near-term shakeout

At the incredibly overbought position most overbought we ever had gold but uh sort of shaken some of those um weak balls out and subsequently it should start to now generate some support again

And the only caveat really to that i can see is another near-term lurch higher in yields which would drive gold lower but again that would be a really good buying opportunity

So with that in mind i wish you good luck in your trading today click here to subscribe to our analysis videos go to our website sign up for webinars and also click to watch trader talks have videos that give you

Top trading ideas

Related Videos

from daily forex this is chris taking a look at the uh bitcoin market here you can see that we have uh found the market to be bullish we have broken above the ...
from daily forax this is chris taking a look at the um us stock indices this is the s p 500 and you can see that the s p 500 has uh rallied quite a bit did pul...
Hi this is vlad from effects empire euro dollar failed to settle above the resistance at 1.1870 and is trying to get below the support at 1.1830 if this attempt...
from daily forex this is chris taking a look at the uh crude oil marking cwti has gapped a little bit lower and then basically did nothing so uh at this point ...
from fx empire this is chris taking a look at the euro dollar and you can see that we are reaching above 118 as new york gets on board and perhaps trying to ma...
from daily forex this is chris taking a look at the euro and the pound you can see the euro has fallen a bit during the trading session here on friday as there...
Hi this is vlad from effects empire silver is currently trying to settle above the nearest resistance level at 23.30 if this attempt is successful silver will g...
from daily forex this is chris taking a look at the gold and silver markets you can see gold has smashed into this little short-term downtrend line that i have...
from fx empire this is chris taking a look at the british pound japanese gen pair you can see we shot straight up in the air and uh slammed into 136 but at thi...
from daily forex this is chris taking a look at the west texas intermediate crude oil market and as you can see we have a little bit of stability here it looks...
from daily 4x this is chris i'm taking a look at the indices and the e-mini contracts in america this is the s p 500 you can see that we have fallen a bit ...
from daily forex this is chris taking a look at the us dollar japanese yen and the aussie dollar the dollar yen as you can see continues to kind of chop around...
from fx empire this is chris taking a look at the dollar yen weekly chart you can see that we are dancing around 105 at this point if we rally 106 is an area i...
from daily forex this is chris taking a look at the wti crude oil market you can see that we have rallied a bit during the trading session here on wednesday yo...
from fx empire this is chris taking a look at the euro dollar weekly chart you can see that we have a slice through 117 on the weekly time frame now it looks l...
from daily forex this is chris taking a look at the um euro and the pound and you can see that the euro did rally a bit during the training session a lot of th...
good morning this is bob mason from fx empire and welcome to the daily crypto tech review we'll be looking at bitcoin ethereum litecoin and ripples xrp the ...
from daily forex this is chris taking a look at the s p 500 you can see we've rallied quite nicely during the trading session um but uh really at this poin...
from daily 4x this is chris taking a look at the dollar yen and the aussie dollar pairs you can see the dollar yen has broken down a bit during the uh trading ...
from fx empire this is chris taking a look at the s p 500 you can see that we are reaching towards 3200 an area that has previously been resistance and now is ...