Source: Economic Events March 18, 2019 - Admiral Markets' Forex Calendar
Last Thursday, Gold painted a bleak the technical picture, after the precious metal surrendered nearly all of its gains that week, pushing back below 1,300 USD.
As we approached the week's close, however, bulls retook control and pushed Gold to a close above 1,300 USD with the option of further gains in the days to come on the table.
When looking at the 4-hour-chart in Gold, one can spot an initial sequence of peaks in the highs and lows. We can also see that the sharp drop last Thursday can be considered a full regressive move, not penetrating the pre-weekly low around 1,291 USD.
That said, if bulls can keep up the bullish momentum from last Friday, they would pave the path back to a push back above 1,311, with further gains in the days to come up to 1,322 USD becoming a serious option.
The short-term picture would clearly darken with a drop back below 1,291, pushing momentum back down to the important support around 1,275/277 USD:
Source: Admiral Markets MT5 with MT5-SE Add-on Gold 4-hour-chart (between December 18, 2018, to March 15, 2019). Accessed: March 15, 2019, at 10:00pm GMT - Please note: Past performance is not a reliable indicator of future results, or future performance.
In 2014, the value of Gold fell by 1.7%, in 2015, it fell by 10.4%, in 2016, it increased by 8.1%, in 2017, it increased by 13.1%, in 2018, it fell by 1.6%, meaning that after five years, it was up by 6.4%.
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