Gold Weekly outlook, Fundamental and technical analysis
If the price breaks
1329.33 area. we could see
futter gains to 1340.64
If the price breaks the 1340 level area.
1353.90 level will be a good TP.
which also are the resistance line in the trend channel.
If the trend channel is broken we could see further gains to 1357.96
and above. (look at my monthly chart of gold 0.09% i postet 8 February.)
We have some economic data, where we have PMI and manufacturing order
Friday April 6, we have average hourly earnings which have a consensus of 0,1% higher than previously.
Non Farm payroll consensus are 115k lev than previously. Previously: 313K.
CPI 0.16% ex food and energy (YoY) will come out Wednesday April 11. where no consensus is made.
I have my own consensus which is 1.8% (1,775) i am basing it on previously data, from 2010 until now. and calculated the average percentage for the given month....
_____
Konklusion:
The price is in a trend channel, and have formed a daily morning star candle. which could trigger a bull run up towards 1340.50 level
if the price don't break this area, a retracement back to 1334.92 should be watched. We are also in a very volatile market right now, where we have trade barriers implication/ trade war USA Vs. China. And selloff in the tech sector.
this bring investors to the save haven ( Gold 0.09% ) and could drive prices higher the coming month and year.
also this analysis is supporting my monthly chart from February 8 i postet her.
___
We have
For long setup
1. 2 Trend channels, where the green channels support line have ben hit
2. a morning star have formed, after hiring the support line of the green trend channel.
3. Economical data, and uncertainty in the market right now, that can drive the prices higher.
4. a triangle on the monthly chart ( look back to feb 8 on my profile with posted charts.)
5. A weekly trend channel, ( the Orange channel) ( i will post this later on.)
For Short setup.
1. if break of the green trend channel.
2. if failed break of the 1329.27
3. if failed break of the 1340 level
4. if failed break of the blue trend channel.
1329.33 area. we could see
futter gains to 1340.64
If the price breaks the 1340 level area.
1353.90 level will be a good TP.
which also are the resistance line in the trend channel.
If the trend channel is broken we could see further gains to 1357.96
and above. (look at my monthly chart of gold 0.09% i postet 8 February.)
We have some economic data, where we have PMI and manufacturing order
Friday April 6, we have average hourly earnings which have a consensus of 0,1% higher than previously.
Non Farm payroll consensus are 115k lev than previously. Previously: 313K.
CPI 0.16% ex food and energy (YoY) will come out Wednesday April 11. where no consensus is made.
I have my own consensus which is 1.8% (1,775) i am basing it on previously data, from 2010 until now. and calculated the average percentage for the given month....
_____
Konklusion:
The price is in a trend channel, and have formed a daily morning star candle. which could trigger a bull run up towards 1340.50 level
if the price don't break this area, a retracement back to 1334.92 should be watched. We are also in a very volatile market right now, where we have trade barriers implication/ trade war USA Vs. China. And selloff in the tech sector.
this bring investors to the save haven ( Gold 0.09% ) and could drive prices higher the coming month and year.
also this analysis is supporting my monthly chart from February 8 i postet her.
___
We have
For long setup
1. 2 Trend channels, where the green channels support line have ben hit
2. a morning star have formed, after hiring the support line of the green trend channel.
3. Economical data, and uncertainty in the market right now, that can drive the prices higher.
4. a triangle on the monthly chart ( look back to feb 8 on my profile with posted charts.)
5. A weekly trend channel, ( the Orange channel) ( i will post this later on.)
For Short setup.
1. if break of the green trend channel.
2. if failed break of the 1329.27
3. if failed break of the 1340 level
4. if failed break of the blue trend channel.