4 hour timeframe
Senior linear regression channel: direction - up.
Junior linear regression channel: direction - down.
Moving average (20; smoothed) - up.
After a strong decline in gold prices in the period of February 20 - March 5, this drags metal to continue its recovery and form a new uptrend. Yesterday, the Fed greatly helped many currencies and precious metals rise in price but gold was no exception. The exempted one was the sterling pound. Thus, the rise in prices for the most famous precious metal is absolutely logical. Plus you should not forget that the more uncertainty is associated with a particular currency asset, there is a greater demand for safe-haven assets and one of which is gold.
Now, there is enough uncertainty in the world and talks about the UK is not relevant to even speak once again. The US and China seem to have agreed on a trade agreement but there is no signed agreement. However, information has already appeared that China does not adhere to the terms of the agreement. Meanwhile, the US is threatening a trade war with the European Union, whose economy is going through hard times. In general, there are plenty of reasons to buy gold. From a technical point of view, the purple bars of the Heiken Ashi indicator and the upward direction of the older linear regression channel clearly indicate the direction of the trend. Due to the strong overbought of the CCI indicator, a rollback may follow in the near future.
Nearest support levels:
S1 - 1316.41
S2 - 1312.50
S3 - 1308.59
Nearest resistance levels:
R1 - 1320.31
Gold is currently continuing its upward movement. Thus, purchase orders with a target of 1320.31 and higher are relevant today. Heiken Ashi's reversal will indicate the beginning of a downward correction.
In addition to the technical picture should also take into account the fundamental data and the time of their release.
Explanations for illustrations:
The senior linear regression channel is the blue lines of unidirectional movement.
The younger linear regression channel is the purple lines of unidirectional movement.
CCI - blue line in the indicator window.
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