On daily terms, the price of yellow metal keeps dipping ever since it has formed the pattern, and now is on the verge of hitting 3-weeks lows.
Top 1 at 1295.46 and top 2 at 1296.06 levels.
Well, on the weekly terms, the major trend still non-directional after and formations.
Gold price behavior has been moving in rising with the triple top formation (refer ).
Top 1 at 1263.87, top 2 at 1295.46 and top 3 at 1294.91 levels.
Failure swings at stiff resistance have evidenced slumps below DMAs . Currently, heading towards 5-weeks’ lows at 1240.71 levels (just 9 dollars away from current levels).
For now, the DMA crossover likely to evidence more slumps on intensified momentum.
The current prices are well above DMAs amid today’s mild downswings for the day, but slumps seem to be most likely upon DMA crossover.
shows downward convergence to the price dips that indicates the strength in and curves have reached oversold territory but still signaling selling pressures.
While on a broader perspective, the bulls in gold prices in consolidation phase is hampered by and candles occurrences that signal weakness again.
Both leading oscillators on this timeframe ( & ) have been indecisive but mildly bias.
on daily terms indicates price dips to prolong further, while on has been the little skeptic about the trend direction.
On intraday trading perspective, we see upside barrier at 1255 and on southwards at 1244 levels, accordingly we advocate trade in tunnel options spreads to fetch the leverage yields. Using such speculative leveraged instruments the returns will have magnified effects than spot trades as long as underlying commodity spot prices remain between these two strikes on expiration.