30/08/2020-04/09/2020
On the daily chart, we can see that last week we have respected both the long haul uptrend and the range that we have been ranging between for the last few weeks.
We can also see that on Friday, we broke above the downtrend trending line that formed from the 7th to the 18th. This might indicate we are starting to get some motion going upwards, especially since the candle performed a wick fill of the previous day.
We see more confirmation of the trend potentially moving forward on the 4 hour chart. The last 4 hour candle retested and found support at the previous resistance level (green bar). We could be looking towards a potential retest for resistance at 1976/77. If we find resistance from sellers, we could be looking towards a downtrend to around $1954. Vice versa, we could be looking at candles pushing towards the $2000 mark.
On the 1 hour chart, we are looking for the candles to push past and close above $1970.420 for the continuation of the trend.
If we fail to get that, I believe that it might retest $1954.499 (orange bar) before continuing the uptrend. We are currently trading above the 200 moving averange (orange line) which gives more confirmation on the lower time frame that we are looking upwards.
Overall, my analysis is that we should break the range and head towards the $2000 mark by next week. My recommendations is to keep an eye on DXY for a good indicator on Golds value.
On the daily chart, we can see that last week we have respected both the long haul uptrend and the range that we have been ranging between for the last few weeks.
We can also see that on Friday, we broke above the downtrend trending line that formed from the 7th to the 18th. This might indicate we are starting to get some motion going upwards, especially since the candle performed a wick fill of the previous day.
We see more confirmation of the trend potentially moving forward on the 4 hour chart. The last 4 hour candle retested and found support at the previous resistance level (green bar). We could be looking towards a potential retest for resistance at 1976/77. If we find resistance from sellers, we could be looking towards a downtrend to around $1954. Vice versa, we could be looking at candles pushing towards the $2000 mark.
On the 1 hour chart, we are looking for the candles to push past and close above $1970.420 for the continuation of the trend.
If we fail to get that, I believe that it might retest $1954.499 (orange bar) before continuing the uptrend. We are currently trading above the 200 moving averange (orange line) which gives more confirmation on the lower time frame that we are looking upwards.
Overall, my analysis is that we should break the range and head towards the $2000 mark by next week. My recommendations is to keep an eye on DXY for a good indicator on Golds value.