Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a flat currency system in which paper money doesn't have an implied backing with any physical form of monetization.
AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.
Details on the chart. Sign up for Xmas It was a busy Friday and Saturday on the markets. My bets are still on the gold shorts - at least for one more week While everyone was waiting for the results of the tax bill gold bounced USD dropped hard on Friday. If the price can break the resistance area, could be a good opportunity the gold will rise. This butterfly pattern seats amidst solid support and resistance levels but also there seems to be a tight squeeze that has been broken by bearish momentum.
My usual C point entry has been excused in this case but it could still pull through if the bearish momentum is short term. If you're a contrarian, you might not agree here. The crowd is Bullish on Gold, but in this case, I believe that the crowd is correct and sometimes they are! Gold has some demand below current price, Gold is holding a W trendline see chart , and there don't seem to be any really big sellers until price gets much higher.
The ride will most certainly be choppy, Short term ,I think Gold is heading south. Look at the blue dotted line, that is where I expect it to fall to before any decent rebound may happen. It seems like gold so far cannot make up it's mind and still trading the news, even though gold broke the long term bull pattern twice last week but few fundamentals brought gold higher once again. We think it was either the panic in the market or there was a major SL hunt by few major players.
As gold is still trending bear we will add more to our short positions I suggest you turn your mind to usd more strong. We will sell gold as a approppriate selection in this case. D1 TF Confirmed price not so high Oscillator: It will be interested to see the response from Gold price is widely followed in financial markets around the world.
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