Since August 2020, the price has been moving in a downtrend. The main trend line is resistance (also formed in August). Apart from the breakdown in January of this year, the line has always reversed the price. At the end of March, the price bounced off the support at 1680.75. Grew up, broke through the nearest support and continued to grow. Now the price is at the resistance of 1784.13. The June 2020 line runs right there. I expect to fall from this point. The target is 1698.55.
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Now the price is not in tune to break through the resistance line! Here either the price will make a false breakout or the price will start to rise! What can keep the price, as you show?
UnknownUnicorn15614419
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Unfortunately now I cannot agree with your forecast. I follow the market and it seems to me that this is the development of a bullish trend. Similar to what happened with the price in December. What do you think?
Lingrid
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gold futures declined during Asian trading on Wednesday.
my target is my support line 1704.07
ryanpope1984
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@DeGRAM I think this analysis is not valid anymore...its broken 1799...
in second half of last 2020,chinese economy showed confident recovery, for this reason, demand for bullion and gold coins showed noticeable increase. this factor has largely supported world prices for gold
ryanpope1984
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@DeGRAM its more bulls momentum than bears...its not even seeming to cross 1775 and heading back up....with low US yields I do not see gold falling anytime soon...1720 this week end is most unlikely with less than 3 days to go..i am not sure when it will cross 1700 and touch 1698?!
DeGRAM
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@ryanpope1984, Thank you for sharing your vision of the situation. We will wait for the end of the week.
ryanpope1984
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@DeGRAM, sure...lets comment back here by Friday EOD...zero momentum for bears since 7 entire days now...it comes down a bill and goes bulls 3x :)
ryanpope1984
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@DeGRAM, its Friday bro and the trend is still uptrend and more bullish momentum...wat's ur say?
even in a 4H TF reaching the target for the day 1760 looks quite impossible...looking at the current trend and momentum.....its not consolidating its climbing is my view...for one week you guys are saying fall...but its only climbing due to lack of yields