Forex Analysis:Gold Major Top In Place Around $2075

Bottom line: Gold long term outlook has turned bearish against $2075 resistance. The yello…

Bottom line: Gold long term outlook has turned bearish against $2075 resistance. The yellow metal is seen to be pulling back after printing lows around $1848 over the last week. Bears might remain poised to be back in control after the counter trend rally terminates around $1920/30 mark.

 Fundamental Outlook:

Gold has managed to push higher close to $1920 mark yesterday, before finding some selling pressure again. The metal, along with most risk assets and risk related currency pairs rallied on hopes of another round of US Fiscal Stimulus package. It remains to be seen if the above optimism continues, going further.

Technical Analysis:

Gold had carved a meaningful top around $2075 on August 07, 2020. This was confirmed last week, when the yellow metal had broken below $1862 lows. Bears might have been successful in carving an impulse wave from $2075 highs, on the daily time frame.

Gold had been trading in a triangle consolidation for several trading sessions after having dropped sharply from $2075 highs through $1862 lows. Bears were finally successful in breaking below the triangle consolidation last week, printing fresh lows around $1848.

High probability remains that the metal is producing a corrective wave and might reach $1960/70 levels in the near term. Also note that fibonacci 0.618 retracement of the entire drop between $2075 and $1848 is seen passing through $1990. High probability remains for a bearish reversal if prices manage to reach there.

Most traders might be preparing to initiate fresh short positions around $1950/70 resistance zone with a protective stop above $2075 and projected targets below $1670 levels respectively. Only a break above $2075 would change the above bearish structure.

Prepared by

Harsh Japee, Technical Analyst.

 

Gold Chart

This market commentary and analysis has been prepared for AT Global Markets UK Ltd (ATFX UK) by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organizational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

 


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