Gold experienced a late surge in its value on Thursday and Friday, resulting in a weekly closure at the level of 2359. Previously, it had been on a downward trajectory, hovering around 2277 after stepping back from its peak at 2431. Despite attempts to break through trendline resistance, the precious metal faced difficulty, leading to a decline in its value by the end of trading on Friday.
Furthermore, gold is expected to react to the latest inflation data from the United States, as it typically influences US Treasury yields, expectations regarding interest rates, and the strength of the US dollar. Supporters of gold will be optimistic for softer Consumer Price Index (CPI) data, which could drive the metal's value upwards and potentially lead to a retest of its all-time high.
Tendency: long 2328
Target station: (2391, 2431).
Furthermore, gold is expected to react to the latest inflation data from the United States, as it typically influences US Treasury yields, expectations regarding interest rates, and the strength of the US dollar. Supporters of gold will be optimistic for softer Consumer Price Index (CPI) data, which could drive the metal's value upwards and potentially lead to a retest of its all-time high.
Tendency: long 2328
Target station: (2391, 2431).
Trade active:
As I mentioned last week, according to my analysis, the price of gold rose by 620 points and stabilized near our target, which is 2431. We will have two scenarios this week.
In the first scenario, I expect it to start falling at the beginning of this week's trading to 2391 and then start rising towards 2431, and stabilizing above this level, we will have new up trading like the 2480 levels.
The second scenario tells us that after the price reaches the resistance level of 2431, it may push the price down and consolidate the price of gold between the resistance of 2431 and the support of 2391 for a week.
As I mentioned last week, according to my analysis, the price of gold rose by 620 points and stabilized near our target, which is 2431. We will have two scenarios this week.
In the first scenario, I expect it to start falling at the beginning of this week's trading to 2391 and then start rising towards 2431, and stabilizing above this level, we will have new up trading like the 2480 levels.
The second scenario tells us that after the price reaches the resistance level of 2431, it may push the price down and consolidate the price of gold between the resistance of 2431 and the support of 2391 for a week.
Trade closed: target reached
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With Clear entry point and target line with stopout zone
~900 pips per week —— Accuracy more than 88%
with best learning
Be Stronger With us
THANKS for your support
