GOLD(02/17): CAN THE SUSTAINABLE STRUCTURE BE BREAKED?
The continued support of the greenback, coupled with a broad-based decline in US bond yields, has supported a further recovery in gold, trading well below record highs.
Gold is set to hit a new record high before the weekend. If this trend continues, it will be difficult to resist. However, a positive geopolitical shift could change the picture and no longer warrant higher gold prices.
The first support level on Friday is $2,919, which is the daily pivot point. From there, the S1 support level is $2,909. Further out, the S2 support level of $2,890 will act as a safeguard and prevent further declines to the more critical $2,790 level (October 31, 2024, high).
On the positive side, the R1 resistance at $2,938 is the first level to recover, followed by the R2 resistance at $2,948. If the uptrend continues, the hefty $2,950 will be tested to break the upside threshold. Further, the psychological threshold of $3,000 could be the next level.
This week mainly focuses on long-sell signals and short-term buys. But the right place and the right place to place orders.
Gold on Friday gave a sell-off, expected to decrease first in the week.
Do not sell from the current 2882 area to the 2872 mark; this area may see a large portion of the price push up first. So, in the morning, we will probe Buy (Pay careful attention to the price Gap pulling fluctuations before 8:30).
Support: 2872 - 2866 - 2851 - 2841 - 2826 - 2807 - 2792
SELL, wait for the recovery.
The 2896 zone shows signs of Selling, but I will offer you three levels: 2901, 2905, and 2918. Selling is safer in these areas.
Also, pay attention to the 927 - 2934 - 2950 - 2958. levels
Tomorrow, I will update you on the daily price ranges. I have to wait for the opening
UPDATE PLAN 02/17
The price is increasing according to yesterday's view, bouncing from the 7x zone.
This morning, the price seems to want to push up to the retracement zone around 2908 - 2918.
Sell 2907 - 2909, stoploss 2913
(Pay attention to the 2905 area, catch the price recovery, and react quickly).
Sell 2917 - 2919, stoploss 2913
The trend for today may start to reverse Sell in Europe and America, so for nearby Buy entries, scale.p
BUY 2989 - 2987, stoploss 2984
BUY 2952 - 2950, stoploss 2946.
(Resistance at 2966 is written he;e, pay attention later)
If the 2877 area breaks, the price will fall sharply. Limit blocking will begin when the price returns to the Dow wave around 2880
Gold is set to hit a new record high before the weekend. If this trend continues, it will be difficult to resist. However, a positive geopolitical shift could change the picture and no longer warrant higher gold prices.
The first support level on Friday is $2,919, which is the daily pivot point. From there, the S1 support level is $2,909. Further out, the S2 support level of $2,890 will act as a safeguard and prevent further declines to the more critical $2,790 level (October 31, 2024, high).
On the positive side, the R1 resistance at $2,938 is the first level to recover, followed by the R2 resistance at $2,948. If the uptrend continues, the hefty $2,950 will be tested to break the upside threshold. Further, the psychological threshold of $3,000 could be the next level.
This week mainly focuses on long-sell signals and short-term buys. But the right place and the right place to place orders.
Gold on Friday gave a sell-off, expected to decrease first in the week.
Do not sell from the current 2882 area to the 2872 mark; this area may see a large portion of the price push up first. So, in the morning, we will probe Buy (Pay careful attention to the price Gap pulling fluctuations before 8:30).
Support: 2872 - 2866 - 2851 - 2841 - 2826 - 2807 - 2792
SELL, wait for the recovery.
The 2896 zone shows signs of Selling, but I will offer you three levels: 2901, 2905, and 2918. Selling is safer in these areas.
Also, pay attention to the 927 - 2934 - 2950 - 2958. levels
Tomorrow, I will update you on the daily price ranges. I have to wait for the opening
UPDATE PLAN 02/17
The price is increasing according to yesterday's view, bouncing from the 7x zone.
This morning, the price seems to want to push up to the retracement zone around 2908 - 2918.
Sell 2907 - 2909, stoploss 2913
(Pay attention to the 2905 area, catch the price recovery, and react quickly).
Sell 2917 - 2919, stoploss 2913
The trend for today may start to reverse Sell in Europe and America, so for nearby Buy entries, scale.p
BUY 2989 - 2987, stoploss 2984
BUY 2952 - 2950, stoploss 2946.
(Resistance at 2966 is written he;e, pay attention later)
If the 2877 area breaks, the price will fall sharply. Limit blocking will begin when the price returns to the Dow wave around 2880
🪙 JOIN OUR FREE TELEGRAM GROUP 🪙
t.me/tradingchampionschannelJoin the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
️🥇 Support free trading signals
️🥇 Zalo Group: zalo.me/g/hydlwv957
t.me/tradingchampionschannelJoin the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
️🥇 Support free trading signals
️🥇 Zalo Group: zalo.me/g/hydlwv957
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.
🪙 JOIN OUR FREE TELEGRAM GROUP 🪙
t.me/tradingchampionschannelJoin the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
️🥇 Support free trading signals
️🥇 Zalo Group: zalo.me/g/hydlwv957
t.me/tradingchampionschannelJoin the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
️🥇 Support free trading signals
️🥇 Zalo Group: zalo.me/g/hydlwv957
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.