Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Gold/USD: Testing Its Uptrend Line

Published 03/28/2017, 09:42 AM
Updated 07/09/2023, 06:32 AM

Gold in USD is testing one more time its uptrend line that started on March 15, 2017 when the high of the March 13, 2017 candle was broken. Since then, price has bounced 3 times (1)(2)(3) on its uptrend line showing no sign of reversing.

This short term uptrend seems to follow the medium term uptrend even if the long term term trend is down. Only a close below the uptrend line could send a warning about a potential trend reversal and indicating that the short term trend will try to catch up with the long term downtrend. Let see what's the eGOLDfx TrendStrength Meter is telling us.

Gold/USD Daily Chart

The eGOLDfx TrendStrength Meter is confirming that currently gold is in an uptrend when gold strength line crossed above the USD strength line (2) and doesn't seem to change direction in the days to come since gold strength line is one more time bouncing on the lower bounce level 3 (3) indicating that gold should get stronger soon. In order to have a clear trend reversal we will need to have gold strength line bouncing on the upper bounce level 7 or USD strength line bouncing on the lower bounce level 3. For that, only a major news, negative for gold or positive for the USD, could reverse this upward momentum.

Egoldfx Trendstrength Meter

Original articles

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.