Gold Breaks Downward Trend Line,Potential for Reaching 1970

This week, gold has broken its downward trend line, indicating a potential strong upward movement ahead. The possible targets for this week could be 1945, 1955, 1980, and 2000.

Gold support levels: 1899-1905,
Gold resistance levels: 1924-1931, 1935.7, 1945, 1977-1987

However, we should also consider the current situation of the ongoing conflict between Palestine and Israel, as it has the potential to significantly impact the market dynamics.

The strong upward movement in gold was mainly due to the conflict between Israel and Palestine. Now, this week, if the conflicts escalate further, there is a high possibility for gold to rise to prices around 1940, 1950, or even 1960. And if the situation continues to deteriorate, we might even see it reach 2000. However, if Saudi Arabia intervenes and mediates between Israel and Palestine, establishing peace, the conditions will not be the same, and we could witness a decline in the price of gold.

Note

In the 12-hour timeframe, gold has experienced a reversal after breaking the downward trend line last week. This week, gold has made a rebound to the trend line and has started an upward movement again.

Unless gold breaks below 1908.206, the likelihood of a downward movement is very low.

Note

1946 Done
Gold Resistance: 1944-1953
If this resistance is broken, our next targets are 1960-1970-1980.
Gold Support: 1924-1932.

Note

Gold has been testing resistance levels on hourly and 4-hourly timeframes, but I think its current movement could potentially break through the resistance. This could happen with a downward movement followed by an upward one. If this happens, our next important range would be between 1958.9-1963.8.

Note

1953 Done

Note

1958 Done :)

Note

1960 Done

Note

Gold is again on resistance in 1-hour and 4-hour time frames, but if it can break resistance at 1958-1963, it could see higher levels.

If it wants to move downwards, gold has a support to touch between 1927-1932, 1946-1953.

Note

1946 - 1953 Done

Trade closed: target reached

1970 TP1 Done :)

Trade closed: target reached

1980 TP2 Done

ProSignal-team

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.