This monthly gold chart demonstrates the beauty of using simple trend line for accurate technical analysis in long term chart, as the old sayings go "Simple is the best, Less is more."
Gold looks like it has had a nice breakout of the bullish flag formation (the descedning broadening wedge) in Feb 2022, doesn't it ? Monthly MACD indicates that a cross-over can...
Gold has seemed to form a V-Bottom pattern on the daily chart at roughly 1780 area.
Note that gold has almost touched the 61.8% Fibonacci retracement of the swing from 1680 to 1880 and rebounded.
Furthermore, it seems to hold the uptrend line from 1680 low at August while RSI indicator also shows the bulls are trying to hold the uptrend remained intact.
As long...
Gold seems to be ready to break out and go to our target 1820-1830.
First, it breaks downtrendline. Secondy, it breaks the neckline of the inverted head & shoulders pattern.
1740-1750 is buy zone if gold backtracks there.
1820-1830 is our target for this month.
All are invalid under 1720.
Gold is now at critical point 1810-1815. This area proves to be a strong resistance area where the downtrend line coincides with the 200-day MA.
Gold needs a few daily sessions close above 200-day MA at roughly 1810 to gain fresh bullish momentum. Otherwise it could fail hard again.
Above 1815, gold will test 1835. Yet looking ahead the path is quite clear to...
Gold's monthly chart shows a break down of the uptrend line since 2018-2019 is in progress. RSI14 indicator also confirms a break down in progress.
Gold bulls are in big trouble if gold cannot reverse and close this month above 1780-1800 a.k.a the pivot area.
Thus, bears have upper hands as long as gold stays under the pivot area 1780-1800 and will try to drive...
Our analysis indicates gold is at the very important support area 1750-1760. The support area 1750-1760 is a major support because it is the last swing low, and it is also coincides with the uptrend line support. This proves to be a major turning point for gold in medium and long term ahead.
If gold is able to hold 1750, gold can bounce back to 1790-1795...
Our swing model indicates that the swing may have turned bearish from bullish given the case that gold has failed to close above 1825 for a couple of sessions with lower highs.
Now gold might head to 1750-1770 support are with a probability of some extension to 1720, if gold's major support 1790 is broken.
1790-1797 could provide good opportunity to buy on dips given a few setup including: structure retest, MA(200) on 4-hour chart at 1795, a channel forming on 4-hour time frame, and a possible hidden bullish divergence.
However, our swing model indicates bullish swing may come to an end if gold breaks support at 1790. Above 1790, gold still has hope to go to 1853.
Our math shows two scenarios for this gold's bullish swing target. Gold can jump to 1853 with a good probability of extension to 1875.
But gold should hold support at 1810 and must not go under 1790. Consider loading up more at this level and 1790.
Our mathematical swing model shows as long as gold holds 1808-1815 support area, gold stil has room to go to 1900 by beginning of August.
If 1810 can't hold, this bullish swing will end. It could be time to buy the dips.
Our mathematical swing model, which has been adjusted for market's progress, continues to show a possible target of 1896 as a possible extension of this current bullish swing. Stay tunes for any further updates.
Noted: Long posy est. at 1795 and we will continue to accumulate if gold touches the arc. All SL under 1780.
