Gold Testing Short-Term Support, Hedge Against FOMO
While the rest of the market ran bullish at the end of the previous week, Gold dipped negative, crossing below the 30-day and 50-day moving averages. Prices are currently trading horizontally in the short term with $16 being a support level that has not been broken, despite several tests since mid April.
Low MACD amplitude swings also correlate to a near-term horizontal move as opposed to any breakthroughs, contrary to many other bullish equities. Further, the volume at the latter half of last week did not see a significantly large increase, also contrary to the FOMO activities of the rest of the market. These realities may correlate to investors of Gold being more interested in a longer term safe haven as opposed to short term swing trading.
Go long at the current support level either as a hedge against a potential market correction or purchase medium term call options as a bet on a steady average rise in Gold prices.
Low MACD amplitude swings also correlate to a near-term horizontal move as opposed to any breakthroughs, contrary to many other bullish equities. Further, the volume at the latter half of last week did not see a significantly large increase, also contrary to the FOMO activities of the rest of the market. These realities may correlate to investors of Gold being more interested in a longer term safe haven as opposed to short term swing trading.
Go long at the current support level either as a hedge against a potential market correction or purchase medium term call options as a bet on a steady average rise in Gold prices.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.