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.
Our chart analysis shows that even though gold had a negative 3rd quarter, an upside move can suprisingly happen in 4th quarter.
Gold seems to hold support at structure level 1680-1720, and bounces back with a bullish engulfing pattern formed at the support level.
Now price has broken downtrend line which shows more upside move is coming. Not to mention a...
Gold seems to form a "smiley face pattern" (inverted head & shoulders pattern) on the chart. This is a classic bullish reversal pattern.
Though sentiments do not support bullishness due to fundamental news but we think gold price is mostly priced in for any monetary changes ahead.
There are two levels of support that gold needs to hold: 1740-1760 and 1680-1700....
Gold was able to stablize above 200-day MA at 1810 for a couple of sessions, and today it made a higher high for the daily session. Sure gold looks bullish short term given indicators reading but now gold is facing important resistance zone around 1825-1835.
Please note that 50-week MA is at roughly 1825. And for the past bullish trend in 2019-2020, this 50-week...
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...
Though we expect gold to hit 1790-1800 resistance zone and then pull back to 1750-1760 level, it seems like the upswing momentum is so strong that gold will just strike through the resistance zone 1790-1800.
A few things to note on the daily chart:
- A false break of the 2018-2019 uptrend line
- Three river morning star candlestick pattern at major yearly...
Gold has hit the previous structure and resistance zone at 1790-1800. It has formed a hanging man candlestick pattern on 1-hour chart with negative divergences on MACD and RSI indicators.
Expect gold to pull back to 1750-1760 support zone when gold breaks 1780 level.
Gold has structure retest and hits the resistance zone around 1780-1795. It might need a little pullback here.
On the 4-hour chart gold has a little inverted hammer candle at the top. Plus the fibo retracement 62.5 is at 1776.
Thus, gold could retrace back to the previous structure and support 1750-1760.
Gold has recovered $95 from the low 1680 at the begining of this week. It is such an impressive move given the breakdown of 1750-1760 area to 1680 then gold reversed and made a breakthrough 1750-1760 again.
Now watch for this weekly close for hints of final bottom in place. If this week is going to close like in the chart, it will be a huge bullish reversal...
Gold seems like having a cup & handle pattern on 1-hour chart, in which the handle is forming at the moment.
If gold manages to go above 1760, gold may head to 1790-1800 level. Details on chart.
Bears definitely try to protect the resistance area 1750-1760 and do not want price above 1760. Meanwhile, bulls are trying to keep price near resistance and hopefully...
Gold has recovered from the low to retest the 2018-2019 uptrend line, which has been broken at the beginning of this week. The pivot area 1750-1760 used to be strong support, now will act as strong resistance.
As long as gold stays under the resistance area 1750-1760, odds favor downside continuation. Unless a few sessions above 1760 may tell us bull is back.
After touching 1680 in Asia morning session, gold has had rebounced to 1750. This 1750-1760 area used to be support, now turnes resistance which proves to be a pivot area. A breakdown under 2018-2019 uptrend line is in progress.
The daily chart shows severe technical damages with combination of death cross, trendline breakdown, and negative MACD.
Unless gold is...
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...
Gold bounced up $40 from retracement fans, a specific area where two retracement fans confluenced roughly at 1892. Now gold finds resistances at the old resistance 1833, which is the area where the orange line - 50% retracement fan line resides. Gold must overcome this area 1830-35 to find the next resistance area at 1855-1860, which is also another area where two...
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.
Even though gold is holding 1810 level and still above the critical support at 1790-1795 at the moment, our swing model may indicate that the bullish swing from 1750 could come to an end if gold does not have 2 to 3 consecutive closing days above the 200-day moving average at 1825 level. Above 1825, gold will test 1837-1845. But if gold breaks 1790-1795, gold can...
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.