ANALYSIS GOLD 21/06/2024
Overview
The chart shows a detailed technical analysis of gold prices using various technical indicators such as Fibonacci retracement levels, volume, and VWAP (Volume Weighted Average Price).
The price is currently at $2,361.87.
Key Levels
Support Levels:
$2,297.27: This is a key support level as indicated by the Fibonacci retracement (0.786 level).
$2,264.04: Another support level derived from the historical price action.
$2,188.59: Significant lower support, indicated by the Fibonacci extension level (1.618 level).
Resistance Levels:
$2,386.95: Immediate resistance, highlighted by the 0.618 Fibonacci retracement level.
$2,434.94: Next significant resistance level based on the 2.618 Fibonacci extension.
$2,445.00: Further resistance level, marking the 2.618 Fibonacci extension from another pivot point.
Technical Indicators
VWAP (Weekly): The VWAP bands are shown, indicating significant levels for institutional trading and average price.
Volume: There is notable volume activity, with some spikes indicating strong buying or selling pressure.
Trendlines
Green Dashed Lines: Representing potential channels and trendlines that could guide the price movement in the coming days.
White Dashed Lines: Indicate projected movements, either bullish or bearish scenarios based on current patterns.
Price Projections
Bullish Scenario:
A potential upward movement is indicated, possibly reaching up to $2,434.94 or $2,445.00 if the price breaks above the immediate resistance at $2,386.95.
The trendlines suggest a channel that might take the price towards these higher levels.
Bearish Scenario:
If the price fails to hold above $2,361.87, it might retest the support at $2,297.27.
Further downside could see the price moving towards $2,264.04 or even $2,188.59 in an extended bearish trend.
Conclusion
The price of gold is currently at a critical juncture, near the $2,361.87 mark.
A breakout above $2,386.95 could signal a bullish run towards $2,434.94 and beyond.
Conversely, a breakdown below $2,361.87 could see the price testing lower support levels, with significant support at $2,297.27 and $2,264.04.
The volume and VWAP levels should be closely monitored for further confirmation of these movements.
The chart shows a detailed technical analysis of gold prices using various technical indicators such as Fibonacci retracement levels, volume, and VWAP (Volume Weighted Average Price).
The price is currently at $2,361.87.
Key Levels
Support Levels:
$2,297.27: This is a key support level as indicated by the Fibonacci retracement (0.786 level).
$2,264.04: Another support level derived from the historical price action.
$2,188.59: Significant lower support, indicated by the Fibonacci extension level (1.618 level).
Resistance Levels:
$2,386.95: Immediate resistance, highlighted by the 0.618 Fibonacci retracement level.
$2,434.94: Next significant resistance level based on the 2.618 Fibonacci extension.
$2,445.00: Further resistance level, marking the 2.618 Fibonacci extension from another pivot point.
Technical Indicators
VWAP (Weekly): The VWAP bands are shown, indicating significant levels for institutional trading and average price.
Volume: There is notable volume activity, with some spikes indicating strong buying or selling pressure.
Trendlines
Green Dashed Lines: Representing potential channels and trendlines that could guide the price movement in the coming days.
White Dashed Lines: Indicate projected movements, either bullish or bearish scenarios based on current patterns.
Price Projections
Bullish Scenario:
A potential upward movement is indicated, possibly reaching up to $2,434.94 or $2,445.00 if the price breaks above the immediate resistance at $2,386.95.
The trendlines suggest a channel that might take the price towards these higher levels.
Bearish Scenario:
If the price fails to hold above $2,361.87, it might retest the support at $2,297.27.
Further downside could see the price moving towards $2,264.04 or even $2,188.59 in an extended bearish trend.
Conclusion
The price of gold is currently at a critical juncture, near the $2,361.87 mark.
A breakout above $2,386.95 could signal a bullish run towards $2,434.94 and beyond.
Conversely, a breakdown below $2,361.87 could see the price testing lower support levels, with significant support at $2,297.27 and $2,264.04.
The volume and VWAP levels should be closely monitored for further confirmation of these movements.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.