OANDA:XAUUSD increases daily volatility by more than 3% for the first time in 6 months. Friday's opening-to-close session overcomes 3.4% and $63.53. A complex yet obvious situation is taking shape. Let's get a handle on what's going on and what to expect next
In the coming week, important news is published. Worth paying attention to:
Core Retail Sales & Reatil Sales
Initial Jobless Claims, FED Chair Powell Speaks
I don't think that the news of the coming week will change the fundamental background of gold, because in times of crisis and instability, the metal attracts a lot of investor interest, as we can see from the price and volume indicator.
On the weekly chart, we see an interesting candlestick pattern: hammer + bullish engulfing on retest of the strong medium-term support at 1809. In tandem with a strong fundamental background, this pattern, also on a high timeframe, plays an important role in medium and long term pricing. On D1 we see a breakout of the downtrend resistance and Friday's close near the 1934 level. The price close indicates to us that the level will be broken in the near term and gold will continue its active movement towards 1950, 1984, 2000. The conflict in the Middle East will not end quickly, no matter how much we would like it to. What is happening now is the development of what has been accumulating for many years. Consequently, we can conclude that against the background of everything that is happening. both in the world and on the chart, the growth of gold is only gaining momentum. The trend is broken
Outlook: Monday may open with a gap in the futures market. A pullback to the downside before further growth is also not excluded. Medium-term growth may continue, in the nearest future the market may test 2000, then 2050
Hi R Linda.. The war on Israel - Gaza is the most insane and immoral war of all time. The Israeli are doing what they did in always, killing innocent people, bombing villages. But how can a civilized nation do this? How can you can eliminate suspects, their wives, their children, their families, their neighbours? How can you justify this? How can the Us,Uk and western world escape from not being a party to this genocide? i Princesaif i am from canada 🇨🇦 and i support on palestien 🇵🇸.. Humanity, justice and freedom to all....
RLinda
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@princesaif85, I'm not going to comment on that Everyone is right in their opinion, but politics is politics. And there's a lot we can't understand about politics. I'm sorry if I upset you.
RLinda
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Hi! What do you expect from GOLD in the medium term?
tomjohn12336027
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@RLinda, gold will continue to rise coz gold likes going up n up.. and once it’s going up we know there is no turning back
Yelli_trades
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@RLinda, hi Linda. In the medium term, like 4-7 days I expect a pause in price action with no immediate impulse up or down, and then bullish continuation of some form, as shown on this chart
RLinda
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@DemoDiaryFX_Trading, good job. Thanks for feedback
YoshiDontTrip
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if it breaks 1950 , I expect it to probably head to 2000 and new ath is around the corner . let's see.
The war on Israel - Gaza is the most insane and immoral war of all time. The Israeli are doing what they did in always, killing innocent people, bombing villages. But how can a civilized nation do this? How can you can eliminate suspects, their wives, their children, their families, their neighbours? How can you justify this?
How can the Us,Uk and western world escape from not being a party to this genocide?
i Princesaif i am from canada 🇨🇦 and i support on palestien 🇵🇸..
Humanity, justice and freedom to all....