XAUUSD 4HR Analysis | The Bulls Are Taking a Breather |
XAUUSD 4HR Analysis | The Bulls Are Taking a Breather |
Gold has recently hit an all time high of 2530 and since has tested the breakage of this level a few times, in my last analysis I provided a detailed explanation of the current mining production status globally and JPY/USD economic data that could impact the price movements in the bulls favour however it seems that short term we may see a correction into the upper 2400's before any renewed price surges, with the bullish momentum volume slowing down and various bearish confirmations coming into play.
Over the last few days Gold has broke below the dynamic support + resistance level whilst also dipping below the 200 EMA on smaller timeframes and the 50 on larger such as 4HR, with the recent completion of 25% to 75% quarters and a pivot off the upper bollinger band its likely that the precious metal could take a breather down to 2,460-70 where the 200 ema lies along with a key support and resistance level and the lower bollinger band matching 25% quarter level.
With the US holidays in action today the start of the week has been sluggish with little to no volatility and price sticking in its range alongside not being able to break back above the 50 ema and dynamic s+r, the bears remain in favour until price can break this structure level back into the 2520's and thus i would not consider any long term buys with so many key psych resistance levels in between us and the ATH pivot level.
I will be keeping close eye on the key support zone of 2460-70 for suitable long term buy entries and in the meantime trade intra on price structure and short term confirmations with my group.
Gold has recently hit an all time high of 2530 and since has tested the breakage of this level a few times, in my last analysis I provided a detailed explanation of the current mining production status globally and JPY/USD economic data that could impact the price movements in the bulls favour however it seems that short term we may see a correction into the upper 2400's before any renewed price surges, with the bullish momentum volume slowing down and various bearish confirmations coming into play.
Over the last few days Gold has broke below the dynamic support + resistance level whilst also dipping below the 200 EMA on smaller timeframes and the 50 on larger such as 4HR, with the recent completion of 25% to 75% quarters and a pivot off the upper bollinger band its likely that the precious metal could take a breather down to 2,460-70 where the 200 ema lies along with a key support and resistance level and the lower bollinger band matching 25% quarter level.
With the US holidays in action today the start of the week has been sluggish with little to no volatility and price sticking in its range alongside not being able to break back above the 50 ema and dynamic s+r, the bears remain in favour until price can break this structure level back into the 2520's and thus i would not consider any long term buys with so many key psych resistance levels in between us and the ATH pivot level.
I will be keeping close eye on the key support zone of 2460-70 for suitable long term buy entries and in the meantime trade intra on price structure and short term confirmations with my group.
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