Gold – Weak hands have yet to leave the market!

On the contrary, for the past two months, prices have mainly been pushing sideways through the chart between 1,515 and 1,485 US dollars.

All upward and downward eruptions were intercepted. Even the clear break of the downward trend line in the previous week could not generate any momentum so far. In the large picture, the parabolic finale of the fourteen-month upward movement in the gold market is still missing. At the same time, it would not be surprising if the weak hands were thrown off in time before the next big upward movement with another setback.


Gold Price in US Dollar Chart – Bollinger Band Squeeze?

On the daily chart, the gold price in US dollars slides somewhat more strongly on Tuesday and closes at 1,484 US dollars, clearly below 1,500 US dollars. Looking back over the last few weeks, the chart has already seemed more than absent-minded. Only the grey sideways channel provides the necessary clarity. The gold price has now started this channel again on the underside.

Due to the weeks-long sideways movement, the two Bollinger Bands are also tightening more and more. Sooner or later there will be a so-called Bollinger Band Squeeze, whereby the accumulated pressure will be discharged extremely powerfully upwards or downwards.

In view of the fresh sell-signal at the overbought stochastic, the gold price should illuminate some deeper regions at first. The lower Bollinger Band offers room to 1,475 US dollars.

The middle line of the uptrend channel, on the other hand, runs at 1,460 US dollars. Both price targets would presumably result in significantly worse sentiment values and gold could shake off all weak hands again.

All in all, gold seems to want to sound out a second foothold in the coming days or one to three weeks. A brief drop below the 1 October low of 1,460 US dollars cannot be ruled out. Alternatively, a setback of up to 1,475 US dollars might be sufficient. In any case, the chances of a continuation of the gold rally are still extremely good.


Tageschart Gold in Euro – In a bullish wedge

The gold price in euros is also consolidating at a high level and has been running into a wedge for two months now. In the short term, this formation still offers space on the underside up to approx. 1,320 euros. If this were to happen, however, it would be below the midline of the uptrend channel, which would result in the loss of some bullish bias.

In summary, it can be said that falling below the mark of 1,340 euros will probably not only call the bullish wedge into question, but could also result in a sale of up to around 1,300 euros.


Post-purchase zone between 1,240 and 1,300 euro

In recent years, our low limits here on have repeatedly reached into sell-out phases. Most recently, in August 2018 in particular, we have been able to sell at prices below 1,040 euros several times.

At the beginning of November, the price for one troy ounce of gold is over 30% higher. The fact that not all redemption limits always work out is in the nature of things. It is important to accumulate over a longer period into periods of weakness. Then you never run after the train.