Gold Analysis Summary #Gold
1-Hour Time-Frame ⏰📊
Given that over the past two weeks, several opportunities for a significant drop have been missed, and #Gold is still trading above its monthly support (October) at 2597.415 🛡️, we view any drop as temporary and expect the bull-trend to continue, aiming for higher highs 📈.
Two scenarios for growth:
Scenario 1: Growth from this point without interruption
If the resistance at 2652.693 is broken in the 4-hour time-frame 🚀📊.
Scenario 2: Temporary drop, then growth
Until Scenario 1 is confirmed, this scenario remains likely. In this case, we might first see a drop to the support zones at 2619.747 or 2580.943-2597.415, after which the drop would end, and the bull-trend would resume 📉➡️📈.
Note: The second support zone has a higher probability of forming a bottom for #Gold compared to the first support zone 🛡️2️⃣⬆️🛡️1️⃣.
Growth targets if either scenario is confirmed:
🎯 Target 1: 2691.497
🎯 Target 2: 2722.915
🎯 Target 3: 2811.140
Stop-loss for the overall growth scenario:
If support at 2597.415 is broken in the daily time-frame, the trend for #Gold will shift from bullish to bearish ❌📉.
............................
Gold Analysis Summary #Gold
15-Minute Time Frame ⏰📉
Scenario 1, which is growth from here, based on the break of resistance at 2652.693 in the 4-hour time-frame, remains valid 📈🚀.
However, if #Gold is going to have another drop before continuing the bull-trend, then before breaking the 2652.693 resistance, the bullish channel shown in the chart and the daily support at 2641.840 in the 15-minute time-frame must be broken 🛑📊.
Support levels (temporary drop targets) have been bull-dated from the previous analysis based on daily drop targets:
🛡 First support: 2617.630 - 2619.747
🛡 Second support: 2597.415 - 2600.570
🛡 Third support: 2580.943
Note: The second support has a higher likelihood of forming a bottom for #Gold compared to the other two 🛡2️⃣⬆️🛡1️⃣.
1-Hour Time-Frame ⏰📊
Given that over the past two weeks, several opportunities for a significant drop have been missed, and #Gold is still trading above its monthly support (October) at 2597.415 🛡️, we view any drop as temporary and expect the bull-trend to continue, aiming for higher highs 📈.
Two scenarios for growth:
Scenario 1: Growth from this point without interruption
If the resistance at 2652.693 is broken in the 4-hour time-frame 🚀📊.
Scenario 2: Temporary drop, then growth
Until Scenario 1 is confirmed, this scenario remains likely. In this case, we might first see a drop to the support zones at 2619.747 or 2580.943-2597.415, after which the drop would end, and the bull-trend would resume 📉➡️📈.
Note: The second support zone has a higher probability of forming a bottom for #Gold compared to the first support zone 🛡️2️⃣⬆️🛡️1️⃣.
Growth targets if either scenario is confirmed:
🎯 Target 1: 2691.497
🎯 Target 2: 2722.915
🎯 Target 3: 2811.140
Stop-loss for the overall growth scenario:
If support at 2597.415 is broken in the daily time-frame, the trend for #Gold will shift from bullish to bearish ❌📉.
............................
Gold Analysis Summary #Gold
15-Minute Time Frame ⏰📉
Scenario 1, which is growth from here, based on the break of resistance at 2652.693 in the 4-hour time-frame, remains valid 📈🚀.
However, if #Gold is going to have another drop before continuing the bull-trend, then before breaking the 2652.693 resistance, the bullish channel shown in the chart and the daily support at 2641.840 in the 15-minute time-frame must be broken 🛑📊.
Support levels (temporary drop targets) have been bull-dated from the previous analysis based on daily drop targets:
🛡 First support: 2617.630 - 2619.747
🛡 Second support: 2597.415 - 2600.570
🛡 Third support: 2580.943
Note: The second support has a higher likelihood of forming a bottom for #Gold compared to the other two 🛡2️⃣⬆️🛡1️⃣.
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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.
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.