MO GOLD 11.05.18
37722
post-template-default,single,single-post,postid-37722,single-format-standard,bridge-core-2.5.6,ajax_fade,page_not_loaded,qode-page-loading-effect-enabled,,qode-title-hidden,qode_grid_1300,qode_popup_menu_text_scaledown,vss_responsive_adv,vss_width_600,transparent_content,qode-child-theme-ver-1.0.0,qode-theme-ver-24.1,qode-theme-bridge,disabled_footer_top,wpb-js-composer js-comp-ver-6.4.2,vc_responsive

MO GOLD 11.05.18

Long Term Overview:

Economic Analysis

The United States and Canadian government have forged a new trade agreement to replace the NAFTA, preserving President Trump’s ability to impose a 25 percent global tariffs on auto parts from Canada and Mexico – The USMCA trade deal is set to strength the dollar in the mid – long term. Strength in the Dollar is forecast to see a further growth after the Fed Interest Rate Decision being hawkish. Due to the US economy forecast for greater growth, thus improving a stronger dollar, this should weaken GOLD. However, economic instability in the EU and tariffs on Chinese goods may support gold prices somewhat in the medium term.

Long Term Analysis

Gold bias is long on all monthly Charts. Price is between Major EMAs and is in its bullish tripwire area on the 1 Month and 2 Month Charts. These factors, paired with the economic instability in the EU and tariffs on Chinese goods, may see the price in GOLD continue to push to the upside. If price manages to push and close on top of the previous low nearing the 1237.11 area, GOLD may rally to previous highs around the 1326.80 area in the next couple of months.

 

Decision Point: Push and close on top of previous low nearing the 1237.11 area

Long Term Trend: Long

Channel Range: N/A

Possible Bias: Long

Medium Term Analysis

With the current economic instability in the EU and tariffs on Chinese goods, price in GOLD may continue to push to the upside. Price is currently pulling back into EMAs in GOLD’s bullish tripwire area. The previous weeks candlestick closed above previous highs, which signifies an increase in buyers in the market. If price manages to push and close on top of the previous weeks high nearing the 1226.40 area, GOLD may rally further to the weekly 200EMA area in the next couple of weeks.

 

Decision Point: push and close on top of the previous weeks high nearing the 1226.40 area

Long Term Trend: Long

Channel Range: N/A

Possible Bias: Long