Gold Technical Analysis – Hantec Markets 27/08/2020

by birtanpublished on September 14, 2020

Welcome back to my final daily report market analysis video with me richard perrymarket analyst at hand tech on thursday 27th of august uh let's have a look at this gold chart which the consolidation essentially continues really

Um strong positive candle actually yesterday the market was initially drifting lower um these small bodied candles and the market negatively drifted through the morning session and then bang that was a

Just a massive rebound actually intraday rebound and uh we saw the market climbing sharply um and what we saw was uh the market then petering out around this 1955 resistance again

Interestingly enough um essentially just maintaining though the the sort of ranging configuration that we have still got on these um hourly indicators and the market has just unwound back

Once more today now what i think is the market is just in this consolidation phase is uh it's in this little symmetrical triangle formation um interestingly enough yesterday's low

Hit that uptrend again that 10 11 week up trend that we've seen and that supported the early august selloff and has again supported yesterday's move um and that's encouraging for the bulls

I think you've still got this uh this downtrend configuration intact but interestingly if you look on the silver chart that downtrend has actually now been broken by yesterday's rally

And also the rally has helped to stabilize these momentum indicators again now how the market responds to jerome powell is obviously going to be very important today uh if powell is dovish

And it comes out with a average inflation targeting situation for the fed then the gold price is likely to rise you're likely to see yields falling dollar falling and then the gold price

Rising and technically speaking a move above 1955 would be a one-week high but also complete a little bass pattern you can argue as i said shown on the hourly chart here

Move above there completes a little sort of essentially a consolidation rectangle or bass pattern breakout and imply around about 50 odd bucks to the upside which would then target

That resistance at 2015 um and you would start to see the more constructive outlook forming again you really do need to see that resistance at 1955 broken to really get that upside momentum i think

But then essentially if you're going to get a sustainable rally you need to see it above 2015 that rally high from the 18th of august but it'll be very interesting to see how gold comes out of this jerome powell

Speech today i still see any near-term weakness as a buying opportunity on gold for the long-term outlook remains pretty strong and technically and fundamentally so i think that gold still looks good

And once the volatility has subsided i still expect gold to be bought into so i wish you good luck in your trading today click here to subscribe to our analysis videos go to our website sign up for our webinars and click to

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