Hey fellas, just tried to analyzed on bigger picture here.
On Friday night, after the market closed, a Debt Ceiling deal was struck,
which may signal positive news for the gold market. Despite this
potential shift, Gold attempted to break above the $2070 threshold
for the third time and failed miserably. Nevertheless, fundamental
indicators suggest that Gold may have more room to push upwards,
favoring bullish investors.
On Friday, NFP figures acted as a catalyst for bears, resulting
in a drop in gold prices to the strong weekly and daily support
zone between 1940-1950. The weekly candle has closed as a
bearish trend reversal within the current channel.
If the support zone holds firmly, there is a high likelihood of gold
prices pushing higher.
Else, gold can push further down to test PMLs at 1620-1640.
Lemme know whatever you guys feel about this analysis and feel free share your opinions too.
On Friday night, after the market closed, a Debt Ceiling deal was struck,
which may signal positive news for the gold market. Despite this
potential shift, Gold attempted to break above the $2070 threshold
for the third time and failed miserably. Nevertheless, fundamental
indicators suggest that Gold may have more room to push upwards,
favoring bullish investors.
On Friday, NFP figures acted as a catalyst for bears, resulting
in a drop in gold prices to the strong weekly and daily support
zone between 1940-1950. The weekly candle has closed as a
bearish trend reversal within the current channel.
If the support zone holds firmly, there is a high likelihood of gold
prices pushing higher.
Else, gold can push further down to test PMLs at 1620-1640.
Lemme know whatever you guys feel about this analysis and feel free share your opinions too.
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Related publications
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.