Gold has a support around $1,670. So far we are not reaching there instead it hanging . That is more dangerous to bulls because as per EW theory the range called as smaller wave. After it there will be the fast and longer wave will reveal. So I am looking for more deeper target next week before FOMC.
Gold Price: 1684 USD per ounce at 13:26 New York UTC -5.00 : Gold Price Today April 17.
Technical analysis – Gold Price: 1684 USD per ounce at 13:26 New York UTC -5.00
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Technical analysis gauges display real-time ratings for the selected timeframes. The summary for GOLD (US$/OZ) is based on the most popular technical indicators — Moving Averages, Oscillators and Pivots. Results are available at a quick glance. Gold Price Today 1684 USD per ounce at 13:26.
Gold – Buy
See Gold is already making that retest now. The big question is, will bulls form a coming days or is the rally already over short term. Now in hindsight it seems the market kept things in the middle, didn’t pump, but invalidated the but eventually still dumped and almost reached the target even. As you can see, it broke that , so now it’s important to see if it can break the breakout level around 1710 or not.
Otherwise this could just be a a retest and we make a bigger correction. If so, i think it will drop towards the green zone around 1640/50. The retest could go higher, but if 1710/05 breaks, i see that as a neutral zone then. But would say, if it gets above 1730ish, the correction might already be over and the rally might continue. Gold Price: 1684 USD per ounce at 13:26 New York UTC -5.00.
Thing though for me personally, because i also think that the stock market will sometimes soon still make a big crash, i think it will once again drag metals down along with it. This is a trend during other market crashes as well, but of course doesn’t mean it will always happen like that. For now the 1683 zone is a support, do think there is a chance we see another attempt to retest the 1700/05, but think 1690/88 has to hold for that. See here the Best Place to Buy Gold.