Opportunity for a significant buy on August 14, 2023.
In the early morning hours today, the global gold price is trending upwards, with a rise of $1.3 compared to the previous week, reaching $1,914.4 USD/ounce.
Technical Analysis:
Over the past week, gold experienced its second consecutive week of losses, declining by approximately 1%. This decrease reflects pressure from the US Consumer Price Index (CPI) and Producer Price Index (PPI), raising concerns about persistent inflation. The projection of interest rate increases also generates negative pressure, though there are dissenting opinions on this matter.
On the daily chart, gold is striving to maintain the $1,910 USD level, the previous week's price target and the nearest significant support. The technical trend remains consistent, with the price channel (a) followed by a smaller price channel indicating an ongoing downtrend. As long as gold does not breach these trend channels, there isn't enough technical evidence for a trend reversal. To determine a potential reversal on the current chart, gold needs to push price action above the EMA21 moving average.
However, if the $1,910 USD level is breached, a deeper decline becomes likely, with the initial target at the important $1,900 USD level and possibly even lower at the previous low around $1,892 USD. Nevertheless, markets are not linear, so corrections can still occur. Based on the expectation from the $1,910 USD level, gold might retest the technical level of $1,925 USD or the 0.618% Fibonacci retracement level, but this won't alter the overall trend.
The crucial support and resistance areas influencing the market path are as follows:
Support: $1,910 - $1,900 USD
Resistance: $1,925 - $1,929 USD
Trading Recommendations for the Day:
BUY XAUUSD at 1910-1909
Stoploss: 1906
Take Profit 1: 1915
Take Profit 2: 1920
Take Profit 3: 1930
SELL XAUUSD at 1926-1927
Stoploss: 1930
Take Profit 1: 1920
Take Profit 2: 1915
Take Profit 3: 1910
Note: Always set TP and SL during trading for optimal performance.
Let's Stay Tuned for Gold Next Week and Seize Any Opportunities!
@DNAchampions Wishing you a successful new week!
Technical Analysis:
Over the past week, gold experienced its second consecutive week of losses, declining by approximately 1%. This decrease reflects pressure from the US Consumer Price Index (CPI) and Producer Price Index (PPI), raising concerns about persistent inflation. The projection of interest rate increases also generates negative pressure, though there are dissenting opinions on this matter.
On the daily chart, gold is striving to maintain the $1,910 USD level, the previous week's price target and the nearest significant support. The technical trend remains consistent, with the price channel (a) followed by a smaller price channel indicating an ongoing downtrend. As long as gold does not breach these trend channels, there isn't enough technical evidence for a trend reversal. To determine a potential reversal on the current chart, gold needs to push price action above the EMA21 moving average.
However, if the $1,910 USD level is breached, a deeper decline becomes likely, with the initial target at the important $1,900 USD level and possibly even lower at the previous low around $1,892 USD. Nevertheless, markets are not linear, so corrections can still occur. Based on the expectation from the $1,910 USD level, gold might retest the technical level of $1,925 USD or the 0.618% Fibonacci retracement level, but this won't alter the overall trend.
The crucial support and resistance areas influencing the market path are as follows:
Support: $1,910 - $1,900 USD
Resistance: $1,925 - $1,929 USD
Trading Recommendations for the Day:
BUY XAUUSD at 1910-1909
Stoploss: 1906
Take Profit 1: 1915
Take Profit 2: 1920
Take Profit 3: 1930
SELL XAUUSD at 1926-1927
Stoploss: 1930
Take Profit 1: 1920
Take Profit 2: 1915
Take Profit 3: 1910
Note: Always set TP and SL during trading for optimal performance.
Let's Stay Tuned for Gold Next Week and Seize Any Opportunities!
@DNAchampions Wishing you a successful new week!
