Gold opens the way for new lows

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Gold made a significant move yesterday which actually triggers a sell signal on this instrument. The price broke the up trendline, lower line of the triangle and the horizontal support on the 1267 USD/oz. That is quite a lot for a few hours of trading. Currently, we do have a small reversal but it is rather a correction movement than the proper comeback or denial.

Dollar index broke the upper line of the flag and defended the horizontal support on the 92.7 points. That is positive but we do not have a proper buy signal yet. For that, we need to break the horizontal resistance at the 93.5 points.

AUDJPY combines the weaker GDP from Australia with the bearish technical situation. The price broke the lower line of the wedge and then the horizontal support on the 85.8. Later we defended that as a resistance with two nice shooting stars. Finally, today, we do have a confirmation with the strong bearish candlestick. According to the Price Action, we do have a sell signal here.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

This article was originally posted on FX Empire


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Currencies , Gold , Commodities , US Markets
Referenced Symbols: GLD , UBG , IAU , SGOL

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