Gold preparing to continue long

Gold preparing to continue long

Gold preparing to continue long

Technical Observation

Recently, Gold dropped in price but is still above the key daily support zone 1083.2-1080.48, unless there's a clear bearish break below this zone, I'm waiting for a rejection from this zone to buy Gold with an ultimate take profit at 1124.37. This buy has to be confirmed by a clear rejection from 1083.2-1080.48, as it is, the commodity has been making lower highs, and may break below the supportive zone. If the price is rejected from this support zone, then the key lines on the upper side include 1102.62, 1105.67, and 1118.26.  If these lines are breached, then a rise even higher is expected. If the price should break below 1083.15, then I may consider a short position towards 1063.10.
 
Trade Signal
Wait for a buy signal above 1083.2-1080.48 to long Gold towards 1124.37
Bitcoin still to  rise
Gold preparing to continue long

Technical Observation:

recently, Bitcoin stretched higher and is still showing signs of bullish dominance, this cryptocurrency has been in a constant up trend and chances of stretching even higher is very high. I expect a break above 6070.00 towards 7000. As at the moment, only a buy position can be recommended, if the price should pullback to the lower side, then it must not go below 5485.3 where we'll be looking for a fresh buy  signal.  On the upperside, key lines can be seen at 6070.00, 7000.20, and ultimately 10,000 buy the close of next year.
Trade Signal
Remain long towards 7000
German stock index Buy signal
Gold preparing to continue long

Technical Observation:

Since the last Monday's forecast, this index is yet to pick any momentum to the upper side, rather, it's still rallying above 12942.3. Unless the price clearly descends below 12942.3, I remain hesitant to short this index. Instead, I'm waiting for a decline towards 12942.3, and then a rejection to long  German Stock index towards 13000.00. Should the price go below 12942.3, then I expect further decline towards the weekly support line 12064.7 or even lower to 9279.3 or even lower. As it is, only a buy position can be recommended especially around 12942.3 with my take profit as said above, at 13000.00.
Trade signal
Look for a long position above 12942.3 towards 13000.00

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Imelda Maseno
Analyst of «FreshForex» company
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