XAUUSD Gold Forecast And Technical Overview
Fundamentally Gold Forecast:
The gold market’s main concerns are now the potential economic fallout from the escalating trade war rhetoric and the hawkishness of the Federal Reserve’s rate hike path.
Some analysts are much more positive on Gold due to the trade war tensions and its risks on global economic growth, however, “safe-haven” still flows into the U.S. dollar.
The Dollar Index ended the week at 93.96. Markets focused on what the Fed rate hikes will be and how hawkish Fed will be.
Personally, what I see is gold bottoming after a major selloff and the U.S. dollar levelling off following after a rally. We might see DXY settled 93-95 range soon.
I believe the current level of 1250 is a good long entry point for midterm traders.
Technically:
As seen in the H4 chart, Gold ended the week at 1254 just below the EMA 50, in the lower channel of the BB. RSI is neutral.
A bullish triangle breakout – possible projected breakout level is 1257 which is confirmed by MM 1/8 Weak, Stall & Reverse- may carry the price 1265 USD. At 1265, MA 100 and MM 2/8 Pivot / Reverse stands as a strong intraday resistance.
1250 is the strong support level of Monday.
As seen in the below H4 Chart; we have a bearish butterfly harmonic pattern forming and would be completed at D 1264.
Conclusion:
The current level and the pullbacks towards 1250 are good entry levels for midterm traders. Break above 1257 will carry the price 1265. We might see a minor retracement at 1265.
XAUUSD must close above 1265 to continue its bullish move.
For Intraday Traders: Buy at 1251 with Stop Loss below 1250 targeting 1257 and/or Buy at breakout and close above 1257 with Stop Loss below 1254 targeting 1264.
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
The gold market’s main concerns are now the potential economic fallout from the escalating trade war rhetoric and the hawkishness of the Federal Reserve’s rate hike path.
Some analysts are much more positive on Gold due to the trade war tensions and its risks on global economic growth, however, “safe-haven” still flows into the U.S. dollar.
The Dollar Index ended the week at 93.96. Markets focused on what the Fed rate hikes will be and how hawkish Fed will be.
Personally, what I see is gold bottoming after a major selloff and the U.S. dollar levelling off following after a rally. We might see DXY settled 93-95 range soon.
I believe the current level of 1250 is a good long entry point for midterm traders.
Technically:
As seen in the H4 chart, Gold ended the week at 1254 just below the EMA 50, in the lower channel of the BB. RSI is neutral.
A bullish triangle breakout – possible projected breakout level is 1257 which is confirmed by MM 1/8 Weak, Stall & Reverse- may carry the price 1265 USD. At 1265, MA 100 and MM 2/8 Pivot / Reverse stands as a strong intraday resistance.
1250 is the strong support level of Monday.
As seen in the below H4 Chart; we have a bearish butterfly harmonic pattern forming and would be completed at D 1264.
Conclusion:
The current level and the pullbacks towards 1250 are good entry levels for midterm traders. Break above 1257 will carry the price 1265. We might see a minor retracement at 1265.
XAUUSD must close above 1265 to continue its bullish move.
For Intraday Traders: Buy at 1251 with Stop Loss below 1250 targeting 1257 and/or Buy at breakout and close above 1257 with Stop Loss below 1254 targeting 1264.
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
Comment:
Bullish Breakout as mentioned.
Comment:
we have reached our target.
Possible minor retracement
Possible minor retracement
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