✴️ GOLD Daily timeframe. Mar.20 - Mar.24
The technical view of gold tells us that it may continue to rise and soon enough make a retest of the March 2022 price high, 2070.630.
What is going on now:
1) The weekly candlestick, like the daily candlestick, closes at the very high. I conclude that the growth is not over, and from Monday the market will continue its rise
1.1) Monday's session may open with a gap, as there was a large trading volume on Friday, and we have a two-day gap (Saturday and Sunday).
2. The level of 1981.566 is a technical pullback, which also plays an important role. The technical pullback was formed on April 11, 2022. Now gold is trading higher and it closed above the level. There is a chance of the retest of this level from the opening and the following growth continuation. This level was previously a guarantor for the bears and it kept some pool of liquidity.
3) The price is in the green zone. Both trends are bullish (local and global).
What could happen?
1) Short scenario:
1.1 price could make a false breakout of the 1981.566 level (strong) and form a pullback to 1960 and even to 1900
1.2 The 1981.56 level is a technical pullback level of April 2022. The retest is formed almost a year later and on the background of a sufficiently strong distributive movement. It is quite possible that for some time this level will stop the price even against the background of a strong up-trend.
2) Long scenario:
2.1 The medium-term outlook is still bullish
2.2 Important levels for us:
- support 1981.56
- support 1980
- support 1959.77
- resistance 1988.335
From these levels a new upward impulse and continuation of growth can be formed, because the potential is not yet exhausted.
2.3 Support levels can be tested again, resistance levels play the role of "breakout strategy".
3) Indicators:
1) Daily and weekly moving averages play the role of support
2) RSI is in the oversold area, but against the background of the fundamental noise this does not play a role at the moment
3) MACD is green
What is going on now:
1) The weekly candlestick, like the daily candlestick, closes at the very high. I conclude that the growth is not over, and from Monday the market will continue its rise
1.1) Monday's session may open with a gap, as there was a large trading volume on Friday, and we have a two-day gap (Saturday and Sunday).
2. The level of 1981.566 is a technical pullback, which also plays an important role. The technical pullback was formed on April 11, 2022. Now gold is trading higher and it closed above the level. There is a chance of the retest of this level from the opening and the following growth continuation. This level was previously a guarantor for the bears and it kept some pool of liquidity.
3) The price is in the green zone. Both trends are bullish (local and global).
What could happen?
1) Short scenario:
1.1 price could make a false breakout of the 1981.566 level (strong) and form a pullback to 1960 and even to 1900
1.2 The 1981.56 level is a technical pullback level of April 2022. The retest is formed almost a year later and on the background of a sufficiently strong distributive movement. It is quite possible that for some time this level will stop the price even against the background of a strong up-trend.
2) Long scenario:
2.1 The medium-term outlook is still bullish
2.2 Important levels for us:
- support 1981.56
- support 1980
- support 1959.77
- resistance 1988.335
From these levels a new upward impulse and continuation of growth can be formed, because the potential is not yet exhausted.
2.3 Support levels can be tested again, resistance levels play the role of "breakout strategy".
3) Indicators:
1) Daily and weekly moving averages play the role of support
2) RSI is in the oversold area, but against the background of the fundamental noise this does not play a role at the moment
3) MACD is green
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