Hello Everyone,
Please see our updated 4h chart levels and targets for the week.
.
Looking at the 4-hour chart, the upward trend is still favored with the EMA line reversing. Alongside this, the US dollar has faced strong selling pressure and continues to extend into today, which plays an important advantage for gold prices.
In the long term, we remain optimistic about the precious metal despite waning buying power due to concerns over political tensions that had previously pushed gold back to $2,000/ounce. However, expectations of changing interest rates as inflation cools down, central bank gold purchases, and concerns about economic recession will provide solid support for gold in the coming period.
We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and the catch bounces up.
BULLISH TARGETS
1988
1998
2017
BEARISH TARGETS - RETRACEMENT RANGE
1966
1937
As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Please don't forget to like, comment and follow to support us, we really appreciate it!
Only return and close below 20DMA would weaken near-term structure and signal recovery stall.
Please see our updated 4h chart levels and targets for the week.
.
Looking at the 4-hour chart, the upward trend is still favored with the EMA line reversing. Alongside this, the US dollar has faced strong selling pressure and continues to extend into today, which plays an important advantage for gold prices.
In the long term, we remain optimistic about the precious metal despite waning buying power due to concerns over political tensions that had previously pushed gold back to $2,000/ounce. However, expectations of changing interest rates as inflation cools down, central bank gold purchases, and concerns about economic recession will provide solid support for gold in the coming period.
We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and the catch bounces up.
BULLISH TARGETS
1988
1998
2017
BEARISH TARGETS - RETRACEMENT RANGE
1966
1937
As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Please don't forget to like, comment and follow to support us, we really appreciate it!
Only return and close below 20DMA would weaken near-term structure and signal recovery stall.