Abstract:Gold Q2 2021 Technical Forecast
Gold has been declining since August 2020, and has yet to show any real signs of life. That could change in Q2, but it may not provide any longer-term directional cues as the push-pull battle continues. A big picture bull-flag remains in the works. However, the pattern is losing its luster. To see the flag shape up a rally is needed soon towards the top-side trend-line of the formation.
A rally to the upper threshold of the pattern will only keep it in play. For a broader advance to commence a break above the top-side line and into the 1900s is needed. Could we get that in Q2? Anything is possible, but it doesnt appear to be as likely a scenario at this time.
On the downside, there is a lower trend-line (it makes up the lower part of the would-be bull-flag) that may continue to be a source of support. But if price continues to fall much further from here the integrity of the bull-flag diminishes quickly.
All-in-all, the broader technical outlook is in limbo with a downward bias at the moment. Gold is in a difficult spot right now and some work is needed if it is to turn its bearish course back to bullish.
GOLD WEEKLY CHART (DIMINISHING BULL-FLAG)Source: TradingView
==========
WikiFX, a global leading broker inquiry platform!
Use WikiFX to get free trading strategies, scam alerts, and experts experience!
╔════════════════╗
Android : cutt.ly/Bkn0jKJ
iOS : cutt.ly/ekn0yOC
╚════════════════╝
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
The BrokersView Expo Dubai 2024 is a premier event in the financial industry, bringing together top financial institutions, brokers, and technology providers from around the globe. As the Gold Sponsor of BrokersView Expo Dubai 2024, Easy Trading Online took the opportunity to showcase our latest products, service technologies, and core competitive advantages in the forex trading field.
On the 23rd of March, the Easy Trading Online family had the distinguished pleasure of being the Table Sponsor at the prestigious Wiki Gala Night. As we reflect on the event, it’s with a sense of pride and joy that we share the highlights and our takeaways from an evening that was as inspiring as it was splendid.
Easy Trading Online Broker Proud to be a trusted Forex trading platform. Fulfilling all the mentioned criteria, we provide: A trading platform that is easy to use and understand. Advanced market analysis tools To help you keep track of market changes and make effective trading decisions. Competitive trading fees It will help you save on your expenses. Professional customer support team Always available to advise when in doubt 24/7.
Easy Trading Online, a leading global CFDs broker regulated by ASIC, won the Best Online Trading Services Award at the BrokersView 2024 Award for Brokers with Outstanding Assessment·Middle East in Dubai. The award recognizes their excellence in trading services, leveraging technology and ensuring liquidity.