Gold short

Dear traders!

The Note: About four weeks ago, the gold price chart showed a peculiarity, even manager-magazin.de then reported on the so-called double golden cross. This is a constellation that is referred to by the friends of the chart analysis as an important buy signal, because in the past, further price or price increases followed.

When the "double golden cross" appeared in the gold chart four weeks ago, the price of gold was about $ 1280 an ounce. Meanwhile, it has continued to rise, so that these days at more than 1346 dollars per ounce said ten-month high was reached. In the past seven days alone, the price has risen by more than 2 percent. Chart analysts are likely to sit back and relax.

Dear traders!

From a technical standpoint, the gold price stabilized around $ 1285 over the past two days. Defending the daily pivot point at $ 1,285 also saw bullish momentum in today's trading, quickly surpassing $ 1,290. Now, the short-term resistance bulwark at 1300 USD is just around the corner. The psychological brand currently coincides with the 50-day average. If we can not overcome on the closing price basis, the correction could nevertheless be continued in the next week. The overall uptrend is only in danger when the 38.20% Fibonacci retracement is breached at $ 1273.50.