Hello, dear members of LeoFinance!
Today I will comment on the price chart of Gold.
So, in the daily chart (1D), in August the price of Gold (XAU/USD) formed a Long-legged Doji:
According to Investopedia:
the Long-legged Doji is a candlestick that consists of long upper and lower shadows and has approximately the same opening and closing price. The candlestick signals indecision about the future direction of the underlying asset.
The Long-legged Doji candles are deemed to be most significant when they occur during a strong uptrend or downtrend. The long-legged doji suggests that the forces of supply and demand are nearing equilibrium and that a trend reversal may occur.
Taking into account the information about the Long-legged Doji and, in addition, having a bearish candlestick after it (in September), I think that the price of gold will dive into the support range (between the levels of $1625 and $1825) equal to the range of the bodies of the candlestick from the previous local high that formed in August of 2011.
However, this price pullback may not happen immediately (it may takes a few months before it happens), because the presidential election in the U.S. may trigger some unpredictable volatility.
To be continue ...
So, fellow LeoFinancier, what do you expect from the price of Gold in the near future?
p.s. at the time of writing one XAU/USD is at the level of $1867.27, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 14+ years, and as a cryptocurrency analyst for the last 3+ years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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