Gold - Uptrend Still Intact, Despite Downward Move
Satendra Singh | Mar 14, 2019 11:47AM ET
Since my last analysis https://www.investing.com/analysis/gold-finally-finds-support-before-bouncing-back-200396534 , on analysis of the movements of Gold futures, in different time frames, in the same chart pattern, which I have discussed in my last few analysis; I find the uptrend in Gold futures is still intact due to increasing selling pressure in global equity indices. Most of the equity markets look under growing concerns over slowest rate of Chinese economic growth. Wall Street pointed to a slightly lower open on Thursday after China's industrial output expanded at its slowest rate in 17 years.
The data increases concern over the impact of the U.S.-China trade war on the health of the Chinese economy, as the two largest countries in the world are still working on a trade deal. A possible trade summit between Beijing and Washington has been pushed back to April.
I, therefore, find the Gold futures to maintain inside the ‘Handle’ in daily time frame; in “Cup With Handle” formation.
Watch my commentary https://youtu.be/jb3dpNsBgi8 on gold.
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