GOLD ANALYSIS (XAUUSD) TO FUTURE
Support and Resistance Levels:
Resistance: The chart indicates a significant resistance level around $2,447.35.
Support: There are multiple support levels identified:
Major support at approximately $2,213.82.
Another key support level around $2,093.47.
A further support zone is marked around $1,980.73.
Fibonacci Retracement Levels:
The Fibonacci retracement levels on the chart provide potential price reversal points:
0.382 retracement at $2,269.11.
0.5 retracement at $2,214.04.
0.618 retracement at $2,158.99.
0.764 retracement at $2,098.86.
Projected Price Movements:
The chart includes projections indicating potential upward targets:
Immediate target around $2,401.85.
Extended targets at $2,430.98, $2,513.64, $2,576.43, $2,596.70, $2,648.03, $2,678.99, $2,706.22, and $2,871.32.
There is also a projection for a possible downward movement:
Targeting around $1,980.73.
Commodity Channel Index (CCI):
The CCI indicator is shown below the main chart, currently indicating a value of -147.02. This value suggests the asset is potentially oversold, which could imply a buying opportunity if confirmed by other indicators.
Analysis Summary:
Bullish Scenario: If the price breaks above the resistance level of $2,447.35, it could aim for higher targets as per the Fibonacci extensions, with the next key levels being $2,513.64 and $2,576.43.
Bearish Scenario: If the price falls below the key support at $2,213.82, it could potentially decline further towards $2,093.47 and possibly $1,980.73.
Technical Indicators: The CCI suggests that the asset is currently oversold, indicating a potential for a bullish reversal if confirmed by other factors.
This analysis combines support and resistance levels, Fibonacci retracement and extension levels, and the CCI indicator to provide a comprehensive view of potential price movements for gold (XAUUSD).
Resistance: The chart indicates a significant resistance level around $2,447.35.
Support: There are multiple support levels identified:
Major support at approximately $2,213.82.
Another key support level around $2,093.47.
A further support zone is marked around $1,980.73.
Fibonacci Retracement Levels:
The Fibonacci retracement levels on the chart provide potential price reversal points:
0.382 retracement at $2,269.11.
0.5 retracement at $2,214.04.
0.618 retracement at $2,158.99.
0.764 retracement at $2,098.86.
Projected Price Movements:
The chart includes projections indicating potential upward targets:
Immediate target around $2,401.85.
Extended targets at $2,430.98, $2,513.64, $2,576.43, $2,596.70, $2,648.03, $2,678.99, $2,706.22, and $2,871.32.
There is also a projection for a possible downward movement:
Targeting around $1,980.73.
Commodity Channel Index (CCI):
The CCI indicator is shown below the main chart, currently indicating a value of -147.02. This value suggests the asset is potentially oversold, which could imply a buying opportunity if confirmed by other indicators.
Analysis Summary:
Bullish Scenario: If the price breaks above the resistance level of $2,447.35, it could aim for higher targets as per the Fibonacci extensions, with the next key levels being $2,513.64 and $2,576.43.
Bearish Scenario: If the price falls below the key support at $2,213.82, it could potentially decline further towards $2,093.47 and possibly $1,980.73.
Technical Indicators: The CCI suggests that the asset is currently oversold, indicating a potential for a bullish reversal if confirmed by other factors.
This analysis combines support and resistance levels, Fibonacci retracement and extension levels, and the CCI indicator to provide a comprehensive view of potential price movements for gold (XAUUSD).
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.