Hugo
0
All posts from Hugo
Hugo in HTO Trading,

GOLD: Stalling at 2015 high

Since the beginning of the year the commodity gained more than 20.5% however last week fell 0.4% and continues in a bullish phase since the end of February 2016.

Last week the precious metal went back and forward without any clear direction, however closed in the red but in the middle of the weekly range and also managed to close within the previous week range, clearly neutral suggesting lack momentum.

Stochastic is showing a overbought market although is still displaying bullish momentum.

Expecting a downward move to a weekly resistance zone at 1,279.90 on a bounce off the weekly resistance at 1,307.45 (scenario 1) nonetheless a break below the previous week low at 1,268.79 may drag down the precious metal to a key support at 1,221.21 (scenario 2).