{"id":138722,"date":"2018-12-11T11:03:41","date_gmt":"2018-12-11T16:03:41","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=138722"},"modified":"2018-12-11T07:04:53","modified_gmt":"2018-12-11T12:04:53","slug":"gold-finally-breaks-the-crucial-resistance","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/12\/gold-finally-breaks-the-crucial-resistance\/","title":{"rendered":"Gold finally breaks the crucial resistance"},"content":{"rendered":"
December 11, 2018<\/div>
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By Tomasz Wisniewski, Alpari<\/a><\/strong><\/p>\n

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I will start this analysis by telling you that in the past few months, the movements on gold have been a bit, let’s say, weird. Gold is not behaving as it has been over the past few years. The correlation between the USD and the risk ON\/OFF mode seems broken. Gold is following its own path. Luckily, technical analysis works in any situation and this is what we will focus on now.<\/p>\n

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For the past few weeks, gold has had only one crucial resistance, which was the 38.2% Fibonacci of the main downtrend. 38.2% finally got broken. Does this mean that we have a change in long-term sentiment on gold? Unfortunately for buyers, the answer is no. The long-term sentiment remains negative and let me explain why. First of all, we are still inside the mid-term flag formation (black lines). The flag is a trend continuation pattern and it was created after a deep drop, which promotes a further drop. The price is currently bouncing from the upper line of this formation, which only confirms this pattern and my previous sentence. Yes, the breakout of 38.2% is a crucial development in the mid-term, but it doesn\u2019t change the big picture.<\/p>\n

In my opinion, we can start being optimistic only after a breakout of the upper line of the flag or after a breakout of the 50% Fibonacci. I think that the current scenario is the price testing 38.2% from the top. In other words, we\u2019re going to get a short-term drop followed by a mid-term upswing.<\/p>\n

Source: “Gold finally breaks the crucial resistance<\/a>“<\/div>\n<\/div>\n
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By Tomasz Wisniewski, Alpari I will start this analysis by telling you that in the past few months, the movements on gold have been a bit, let’s say, weird. Gold is not behaving as it has been over the past few years. The correlation between the USD and the risk ON\/OFF mode seems broken. Gold […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-138722","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/138722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=138722"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/138722\/revisions"}],"predecessor-version":[{"id":138723,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/138722\/revisions\/138723"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=138722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=138722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=138722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}