Gold – Longest losing streak since 2018 | news

Longest losing streak since 2018

In August, the price of gold had to accept price losses again. The bottom line is that this is the fifth red month candle in a row. This drought corresponds to the longest losing streak since the summer of 2018. In terms of charts, the precious metal is still about cross-support from the 38-month line (currently at USD 1,747) and the old correction trend since summer 2020 (currently at USD 1,703). To defend. After all, only then can the interpretation of an ideal-typical pullback or a trend-confirming flag consolidation be maintained (see chart). From a risk perspective, there is another mark that must be observed: the July low (USD 1,680) with which the price of gold confirmed the annual lows of 2021 with pinpoint accuracy. Since a breach of this bastion would complete a large double top, investors can hardly overestimate its importance. On the downside, there is currently only a very low technical tolerance for an extension of the series of losses described at the beginning. On the other hand, a rise above the two most recent monthly highs of USD 1,808/1,814 would provide a sign of relaxation.

Gold (Monthly)

Source: Refinitiv, tradesignal² / 5-year chart attached

5 year chart gold

chart gold

Source: Refinitiv, tradesignal²

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The article is in German

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