GOLD/ Correction, then DESCENDING
Updated
Gold prices were set for a weekly decline on Friday after the Federal Reserve’s verdict on its monetary policy-easing cycle signaled a slowdown in rate cuts, while focus shifted to the U.S. Personal Consumption Expenditure data due later in the day.
Generally, the direction is a downtrend
Uptrend Side: For a bullish trend to be established, a breakout above the 2640–2664 zone must be confirmed by a daily candle closing above this level. Additionally, to approach this zone, the resistance at 2606 needs to be breached with a 4-hour candle.
Correction: If the price breaks above 2606, it is likely to rise toward the 2640 level, where a downtrend is expected to begin.
Downtrend Side: As stated in our previous analysis, below 2606, strong bears are actively targeting the 2566 level. A break below this point would further intensify selling pressure, potentially driving the price down to 2527.
Tendency Keys: 2606
Generally, the direction is a downtrend
Uptrend Side: For a bullish trend to be established, a breakout above the 2640–2664 zone must be confirmed by a daily candle closing above this level. Additionally, to approach this zone, the resistance at 2606 needs to be breached with a 4-hour candle.
Correction: If the price breaks above 2606, it is likely to rise toward the 2640 level, where a downtrend is expected to begin.
Downtrend Side: As stated in our previous analysis, below 2606, strong bears are actively targeting the 2566 level. A break below this point would further intensify selling pressure, potentially driving the price down to 2527.
Tendency Keys: 2606
Trade active
Gold prices rose further on Friday, supported by a weaker dollar and declining Treasury yields following U.S. economic data that indicated a slowdown in inflation. However, the Federal Reserve's hawkish stance on interest rates kept bullion poised for a weekly decline.
about 4 Analysis per day.
With Clear entry point and target line with stopout zone
~900 pips per week —— Accuracy more than 88%
with best learning
Be Stronger With us
THANKS for your support
With Clear entry point and target line with stopout zone
~900 pips per week —— Accuracy more than 88%
with best learning
Be Stronger With us
THANKS for your support
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.