Gold Bulls Look Ready To Bounce, While Venezuelan Sell Off Ends
Satendra Singh | May 19, 2019 09:26AM ET
On analysis of the movement of Gold Futures in different time frames, I find the Gold bulls look ready to bounce during the upcoming week due to growing concerns over futile attempts to resolve ‘Tariff Trade War’; which has been constantly pushing the global economy towards a slowdown. No doubt that recent views, expressed by the World’s two major economies have made it clear that it is not easy to resolve tariff trade war on imbalanced terms and conditions.
No doubt, that now the Venezuelan sell-off has now finally ended, which continued till May 14th, 2019; when Venezuelan central bank sold about 9.7 tons of gold on May 10 and an additional 4 tons three days afterward; which kept Gold futures under bearish pressure for a long time during the last few trading sessions.
Now, I find that growing bearishness in global equity markets will encourage gold bulls to become more aggressive during the upcoming weeks. I find that a gap-up opening, followed by a steep upward move on the first trading session of the Week will confirm the continuity of uptrend voyage in Gold during the upcoming Weeks.
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