International Gold: Kitco Technical Charts
Technical Analysis of Gold Futures
Daily Chart
* The daily chart shows gold futures (GC) trading within a descending triangle pattern, with resistance at $1,820 and support at $1,780.
* The 50-day moving average (MA) is sloping downwards, providing resistance at $1,800.
* The Relative Strength Index (RSI) is below 50, indicating bearish momentum.
Weekly Chart
* The weekly chart shows a bearish trend, with gold futures below the 200-day MA at $1,835.
* The MACD indicator is below the zero line, suggesting bearish momentum.
* The stochastic oscillator is in the oversold zone, indicating that the market may be due for a bounce.
Monthly Chart
* The monthly chart shows gold futures in a long-term downtrend, with resistance at $1,900.
* The 12-month MA is sloping downwards, providing resistance at $1,850.
* The Bollinger Bands are narrowing, indicating a period of consolidation.
Technical Outlook
* In the short term, gold futures are likely to trade within the descending triangle pattern on the daily chart. A breakout above $1,820 could signal a trend reversal, while a break below $1,780 could extend the downtrend.
* On a medium-term basis, gold futures remain vulnerable to a further decline, as long as they remain below the 200-day MA on the weekly chart.
* In the long term, the downtrend may continue until gold futures break above the 12-month MA.
Trading Strategy
* Traders who are bullish on gold could consider buying above $1,820, with a target of $1,900.
* Traders who are bearish on gold could consider selling below $1,780, with a target of $1,730.
* Stop-loss orders should be placed outside of the support and resistance levels to limit potential losses.
Note: Technical analysis should not be used as the sole basis for making investment decisions. Other factors, such as fundamental analysis and market sentiment, should also be considered.
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