Gold Price on the Go upside
Gold: Last week, market was dominated by fundamentals backed by Isarel- Iran escalation fears. Market behavior was odd and inconsistent. Thats what happen when uncertain fundamentals comes into play . We saw extreme volatility in start of the week, liquidation and slow movement in last week (relativity) in gold. Gold Weekly chart also show a loss of direction, sell off then recovery.
Further about the Gold drop, the daily / weekly chart kept its upward bias. (Price found support from 50 DMA)
Later in week (Friday) we saw recovery in BTC, stocks and Gold.
It shows that the markets has gained its rhythm and Started to make sense Again. Remember, It is only recommended to trade a market which contains some sort of pattern, rhythm or logical behavior which was lost last week.
Looks like market has regained the confidence that lost in the geopolitical Un rest Shock. Now market is eying the FED September rate cuts more eagerly. What will be its effect? It will be the first rate Cut after Years. With this, technically Gold will go up, Dollar slide down , Stocks will go higher and Yen will Go up hopefully.
Gold On charts: Daily chart is bullish with Thursday bullish engulfing candle. Firday candle broke upside. On 4 H we can see a Cup with handle.
I am expecting Gold to go up and 2450 as first immediate target. It is expected to be followed by 2480 and 2500 a new ATH.
Good Luck and Do comment of the analysis and Odds.
Support and resistance Levels
S1: 2417 , S2: 2400, S3 : 2380 ( Multiple Bottom- Very Strong Support)
R1: 2450 , R2: 2478, R3: 2500
Further about the Gold drop, the daily / weekly chart kept its upward bias. (Price found support from 50 DMA)
Later in week (Friday) we saw recovery in BTC, stocks and Gold.
It shows that the markets has gained its rhythm and Started to make sense Again. Remember, It is only recommended to trade a market which contains some sort of pattern, rhythm or logical behavior which was lost last week.
Looks like market has regained the confidence that lost in the geopolitical Un rest Shock. Now market is eying the FED September rate cuts more eagerly. What will be its effect? It will be the first rate Cut after Years. With this, technically Gold will go up, Dollar slide down , Stocks will go higher and Yen will Go up hopefully.
Gold On charts: Daily chart is bullish with Thursday bullish engulfing candle. Firday candle broke upside. On 4 H we can see a Cup with handle.
I am expecting Gold to go up and 2450 as first immediate target. It is expected to be followed by 2480 and 2500 a new ATH.
Good Luck and Do comment of the analysis and Odds.
Support and resistance Levels
S1: 2417 , S2: 2400, S3 : 2380 ( Multiple Bottom- Very Strong Support)
R1: 2450 , R2: 2478, R3: 2500
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