GOLD 1H CHART ROUTE MAP & TRADING PLAN FOR THE WEEKHey Everyone,
Please see our updated 1h chart levels and targets for the coming week.
We are seeing price play between two weighted levels with a gap above at 2778 and a gap below at 2768. We will need to see ema5 cross and lock on either weighted level to determine the next range.
We will see levels tested side by side until one of the weighted levels break and lock to confirm direction for the next range.
We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up.
We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends.
BULLISH TARGET
2778
EMA5 CROSS AND LOCK ABOVE 2778 WILL OPEN THE FOLLOWING BULLISH TARGET
2787
EMA5 CROSS AND LOCK ABOVE 2787 WILL OPEN THE FOLLOWING BULLISH TARGET
2797
EMA5 CROSS AND LOCK ABOVE 2797 WILL OPEN THE FOLLOWING BULLISH TARGET
2808
BEARISH TARGETS
2768
EMA5 CROSS AND LOCK BELOW 2768 WILL OPEN THE FOLLOWING BEARISH TARGET
2757
EMA5 CROSS AND LOCK BELOW 2757 WILL OPEN THE FOLLOWING BEARISH TARGET
2746
EMA5 CROSS AND LOCK BELOW 2746 WILL OPEN THE FOLLOWING BEARISH TARGET
2732
EMA5 CROSS AND LOCK BELOW 2732 WILL OPEN THE SWIG RAGE
SWING RANGE
2707 - 2697
As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it!
Mr Gold
GoldViewFX
Gold
GOLD 4H CHART ROUTE MAP & TRADING PLAN FOR THE WEEKHey Everyone,
Please see our updated 4h chart levels and targets for the coming week.
We are seeing ema5 and price play between two weighted levels with a gap above at 2785 and a gap below at 2747. We need ema5 to cross and lock above or below the weighted Goldturns to determine the next range.
We will see levels tested side by side until one of the weighted levels break and lock to confirm direction for the next range.
We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up.
We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends.
BULLISH TARGET
2785
EMA5 CROSS AND LOCK ABOVE 2785 WILL OPEN THE FOLLOWING BULLISH TARGET
2811
EMA5 CROSS AND LOCK ABOVE 2811 WILL OPEN THE FOLLOWING BULLISH TARGET
2836
BEARISH TARGETS
2747
EMA5 CROSS AND LOCK BELOW 2747 WILL OPEN THE RETRACEMENT RANGE
2712 - 2668
EMA5 CROSS AND LOCK BELOW 2668 WILL OPEN THE SWING RANGE
SWING RANGE
2665 - 2633
As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it!
Mr Gold
GoldViewFX
GOLD WEEKLY CHART MID/LONG TERM ROUTE MAPHey Everyone,
Please see update on the weekly chart idea we have been tracking for over a month now and still playing out, as analysed.
Previously we stated that the channel top was continuing to provide support like we stated for the past few weeks and. as long as we see no ema5 cross and lock below into the channel, we can safely continue with our plans to buy dips in this range.
- This is continuing to play out perfectly. You can see although we had many breaks into the channel with candle over the last few weeks, ema5 failed to break inside, confirming the rejection and providing support above the channel like we stated.
Last week we stated that the bounce from the channel was playing out, as analysed and now heading towards our 2729 AXIS gap target above.
- This was hit perfectly completing this target. We now have a candle body close above 2729 opening long range/term gap at 2856 and will need ema5 lock to further confirm this.
This is the beauty of our channels, which we draw in our unique way, using averages rather than price. This enables us to identify fake-outs and breakouts clearly, as minimal noise in the way our channels are drawn.
Thank you all for your likes, comments and follows, we really appreciate it!
Mr Gold
GoldViewFX
GOLD DAILY CHART MID/LONG TERM UPDATEHey Everyone,
Please see the daily chart update we have been trading and tracking for a while now, to give you all an overall view of the range.
Last week we stated that we have a candle body close above 2686 opening 2760 and we now also had ema5 lock to further confirm this gap
This was hit perfectly last week completing this target and allowing plenty of time after the confirmation to get in for the action.
We now have a candle body close above 2760 with a gap above at 2797 and will need ema5 lock to further confirm this.
We will use our smaller timeframe analysis on the 1H and 4H chart to buy dips from the weighted Goldturns for 30 to 40 pips clean. Ranging markets are perfectly suited for this type of trading, instead of trying to hold longer positions and getting chopped up in the swings up and down in the range.
We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up using our smaller timeframe ideas.
Our long term bias is Bullish and therefore we look forward to drops like this, which allows us to continue to use our smaller timeframes to buy dips using our levels and setups.
Buying dips allows us to safely manage any swings rather then chasing the bull from the top.
Thank you all for your likes, comments and follows, we really appreciate it!
Mr Gold
GoldViewFX
THE KOG REPORT THE KOG REPORT
In last week’s KOG Report we said we would be looking price to attempt the 2715 price point and if rejected we would be looking for the short into the lower red box but sticking with the bullish bias levels. We got the move exactly into the red box support we wanted initially giving us the move upside completing not only KOGs bullish above targets but also the red box targets and the Excalibur targets. We update traders through the week with the plan and continued to remain with the long of the lows up to where we ended the week.
A phenomenal week in Camelot on gold hitting 7 targets and the team completing about 12 targets on the other pairs we trade and analyse.
So, what can we expect in the week ahead?
It’s going to be a frustrating week of expected ranging and choppy price action for traders due to it being the last week of the month and with FOMC pending. For that reason, we will use this KOG Report for the first half of the week and then update traders with the KOG Report FOMC before the release.
For this week we’re not looking to long unless we get a deep pull back either into the order region 2750-55 or further below that the 2730-35 region. It’s actually this levels we will want to test the short trades in to from the higher red box regions. We do have a red box active now at 2827, however, due to where the price is at the moment we’re not comfortable to long up here. If we can open and stay below the 2777 level, we feel an opportunity to short is available into the first region of 2765 which needs to be monitored for the break, and level that the order region of 2750-55. That’s where we will want to test the first long trade, but, as we said above, due to FOMC we can’t expect a clean move.
We have the levels above now active at 2827-30 which we feel is where they may want to take this to open up the 2800’s. If we do continue higher, that’s where we will be watching for a RIP IF we get there!
KOG’s bias for the week:
Bullish above 2750 with targets above 2784, 2793 and above that 2810 pre-event
Bearish on break of 2750 with target below 2735
Red boxes:
Break above 2780 for 2793, 2795, 2806 and 2827 in extension of the move
Break below 2770 for 2765, 2757, 2755, 2750 and 2743 in extension of the move
Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated.
As always, trade safe.
KOG
GOLD → A U-turn? Medium-term targets. Up ahead, 2790FX:XAUUSD is taking advantage of the dollar correction and almost reaches ATH 2790. The chance of updating the maximum is quite high, but there are a few “BUTs”. Let's talk about the medium term and possible targets
Economically, the coming week will be quite important, there will be decisions on the Fed Funds rate , US GDP and PCE .
If the rate remains unchanged and the Fed's rhetoric is tough, this could put pressure on gold, a softer policy would support the metal, as would a slowdown in GDP growth if supported by actual data. PCE data may indicate that inflationary pressures remain. If the data is better than expected, it will strengthen the chances of further Fed rate hikes, which in turn will support the dollar and reduce demand for gold.
Technically, the price is heading towards 2790 and the chance of reaching this target is quite high, but the potential for further upside after breaking the resistance is not there yet as there is no energy to do so.
A strong move of 8% (since December 18) could easily be stopped by the resistance level ahead and gold could go into correction or consolidation
Resistance levels: 2790
Support levels: 2762, 2750, 2735
Overall, expected economic data points to support for the Dollar, which could put pressure on gold. Highlights for Gold are FOMC results and GDP data, as well as unexpected deviations from the forecast in economic data, which could change the current dynamics.
What to expect from the price? Most likely, after a correction to 2762 (liquidity zone), growth will resume and the price will head towards the most important target at the moment - 2790. The one and a half month rally may end with a false breakout of 2790 and the beginning of correction. I am not talking about the trend reversal yet, as we should follow the market reaction to the general situation.
Zones of interest within the correction may be several local and several global zones:
Local targets (if bullish): 2762, 2735
Medium-term targets (if trend change is confirmed): 2714, 2689, 2643
Regards R. Linda!
Gold can rise a little and then drop to support levelHello traders, I want share with you my opinion about Gold. Looking at the chart, we can see how the price made an upward impulse from the support line of the triangle and rose to the resistance line, breaking the support level, which coincided with the buyer zone. Then Gold turned around and made a correction movement to the support level, where it some time traded and then rebounded up from the support line of the triangle. Price rose to the current support level, thereby exiting from the triangle, and then started to decline inside the wedge. Gold fell to the support line, which is located in the buyer zone, and then started to grow. In a short time, the price broke the 2615 level, after which made a correction to the support line and then continued to move up. Later, Gold rose to the resistance line of the wedge and broke it, thereby exiting from the wedge pattern and then in a short time rose to the current support level. Soon, the price broke this level and continued to move up next. So, I think that Gold will make a small move up and then drop to the support level. That's why I set my TP at 2725 level. Please share this idea with your friends and click Boost 🚀
HelenP. I Gold will drop to trend line, breaking support levelHi folks today I'm prepared for you Gold analytics. If we look at the chart we can see how the price rebounded from the trend line and started to grow and soon reached support 2, which coincided with the support zone. Then it broke this level, made a small movement up, and dropped to the trend line, which broke soon and fell below. But Gold continued to move up below the trend line and soon it broke this line with support 2 one more time, after which made a retest and continued to grow next. Later Gold rose to 2723 points, after which dropped to the trend line and then at once rebounded and rose to support 1, which coincided with one more support zone. Then the price broke this level too and some time traded in the support zone, after which turned around and made a correction movement. After this, XAU turned around and made impulse up, breaking support 1 again. Now, in my mind, XAU will fall to the support area and then break the support level. Then it correct move up and then continues to move down to the trend line. So, that's why I set my goal at 2730 points, which coincides with this line. If you like my analytics you may support me with your like/comment ❤️
GOLD (XAUUSD): Support & Resistance Levels For Next Week
Here is my latest structure analysis for Gold for next week.
Vertical Structures
Vertical Support 1: Rising Trend Line
Horizontal Structures
Resistance 1: 2786 - 2790 area
Support 1: 2718 - 2732 area
Support 2: 2689 - 2698 area
Support 3: 2655 - 2663 area
Support 4: 2614 - 2635 area
Support 5: 2596 - 2605 area
Support 6: 2583 - 2585 area
Consider these structures for pulback/breakout trading.
❤️Please, support my work with like, thank you!❤️
Gold Breaks Uptrend Line! Is a Reversal or New ATH Coming?The mixed PMI data(Flash Manufacturing and Flash Services) from the U.S. reflects contradictory signals, likely leading to short-term Gold price volatility without significantly affecting its main trend . What is your idea!?
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Gold ( OANDA:XAUUSD ) is moving in the Potential Reversal Zone(PRZ) and Time Reversal Zone(TRZ ) and managed to break the Uptrend line .
According to the theory of Elliott waves , it seems that 5 impulsive waves have ended, and we have to wait for corrective waves .
Another sign of Gold correction can be the formation of a Shooting Star Candlestick Pattern ( with high volume ) and, next to it, a confirmation candle in the 1-hour time frame .
Educational Tip: The larger the volume of the candle, the more valid the candle and the pattern it forms.
Also, we can see the Regular Divergence(RD-) between Consecutive Peaks .
In terms of Classical Technical Analysis , we can expect the formation of a Head and Shoulders Pattern . ( It is better to wait for the formation of the right shoulder ).
I expect Gold to attack the Support zone($2,764-$2,757) and Uptrend lines soon , and if they break, we can expect Gold to fall to the Support lines .
Can Gold make a new All-Time High(ATH)!? Please share your ideas in the comments.
Note: We can expect more pumps if Gold goes over $2,794.
Be sure to follow the updated ideas.
Gold Analyze ( XAUUSD ), 1-hour time frame.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Gold XAUUSD | SELL After Elliot's 5-WaveWave Analysis:
Wave 1 (Initial Upswing):
Price moved from 2661 to 2723, marking the start of the bullish trend.
This wave is typically smaller as the market begins to establish direction.
Wave 2 (Correction):
A corrective pullback, retracing part of Wave 1.
Price moved down but respected the Fibonacci retracement zone (likely between 50% and 61.8%).
Wave 3 (Strong Upswing):
The strongest and most extended wave, moving from 2695 to 2759.
This wave aligns with higher momentum, reflecting a surge in bullish sentiment.
Wave 4 (Consolidation):
A sideways or shallow pullback, correcting Wave 3.
This wave is less aggressive than Wave 2, often reflecting profit-taking and market indecision.
Wave 5 (Final Push):
The last leg of the upward impulse, with prices rising from 2743 to 2786.
Momentum begins to weaken, and divergences on indicators like RSI or MACD might appear, suggesting exhaustion of the trend.
Current Market Outlook:
Trend Exhaustion:
The completion of Wave 5 at 2786 suggests that the bullish trend is nearing its end. The possibility of a trend reversal or a corrective move downward is high.
Potential Correction:
After the completion of the impulsive wave, an A-B-C corrective structure is likely to unfold.
Wave A could lead to an initial sell-off.
Wave B might be a temporary rebound or retracement.
Wave C would finalize the correction, potentially testing the 2661 level (Wave 1 origin).
Key Support Levels:
2743 (Wave 5 origin): The first major support.
2695 (Wave 3 origin): The second support level to watch for.
2661: A full retracement target if the correction deepens.
Resistance:
2786 (Wave 5 high) remains the key resistance level. A break above this might indicate an extension of the bullish trend.
Trading Signal:
Sell Entry: Upon confirmation of a break below 2743.
Targets:
First Target: 2710 (Wave 4 area).
Second Target: 2695 (Wave 3 origin).
Third Target: 2661 (Wave 1 origin).
Stop-Loss: Above 2786 to avoid risk from a potential upward extension.
Alternate Scenario:
If prices break and sustain above 2786, it could indicate the continuation of the bullish trend. Look for further upside toward 2800–2820.
Conclusion:
Gold appears to have completed its five-wave impulsive structure. The next likely scenario is a corrective A-B-C wave formation or a trend reversal. Monitor key levels and confirmation signals before executing trades.
XAUUSD Analysis: Potential Bearish Pullback Towards Key Support📉 XAUUSD Daily Analysis 🔍
🚨 Potential for a Bearish Pullback 🚨
Gold (XAUUSD) is showing signs of a potential downward move after rejecting a key resistance level. If this momentum continues, we could see the price heading towards the support zone at 2680/2670.
💡 Key Insights:
📌 Market rejection at resistance = possible bearish momentum.
📌 Target support area: 2680/2670.
📌 Risk Management: Stick to 1-2% risk on trades.
⚠️ Historical Note:
When the market last hit an all-time high, it saw a sharp one-day drop. Stay cautious!
💬 Disclaimer: This is for educational purposes only. Always trade responsibly and manage your risk effectively.
Gold 1H Intra-Day Chart 26.01.2025After this week's huge pump, I do believe Gold will be hitting $2,800+ soon. There's 2 ways in which it'll happen;
Option 1: Price consolidates around CMP, trapping in new sellers before it shoots up.
Option 2: We see a downwards retracement towards $2,720 before price recovers up again in February.
Gold hits record high: Is a reversal coming?📉 Gold Returns to All-Time High: Is a Major Correction on the Horizon?
🔍 Strong Reaction at Historical Highs
Gold has returned to its all-time high zone, and as it touched this level, prices have seen a significant reaction, dropping $20 to around $2,770.
On the H4 timeframe, candles show strong selling pressure at the highs, signaling a potential deeper correction. As the market opens next week (Monday), there is a high likelihood of a GAP (price gap) forming on smaller timeframes due to the current momentum.
📊 Technical and Fundamental Insights
Double Top Formation:
Gold shows signs of forming a Double Top pattern at its historical peak.
Combined with technical signals, this suggests a possible short-term corrective wave.
Crucial News from FED and Trump:
Next week, the market anticipates critical updates from the Federal Reserve (FED) regarding interest rate policies.
President Trump’s fiscal and monetary policy announcements could also drive significant volatility in gold prices.
Low Liquidity Conditions:
With many Asian nations entering their Lunar New Year holidays, market liquidity is expected to decline, potentially leading to heightened volatility.
🌟 Price Behavior Analysis
Based on insights from DXY, SWAP CHARGE, and FVG analyses:
DXY Weakness: While DXY's weakness supports gold, heavy selling pressure near the highs indicates a possible corrective phase.
SWAP CHARGE Shifts: The shift from buying to selling suggests that selling pressure is currently dominant, supporting the likelihood of a gold correction.
💡 Key Levels to Watch Next Week
Resistance:
$2,786 - $2,790: This is the previous all-time high and a critical resistance level. A breakout above this zone could trigger a stronger bullish trend.
Support:
$2,758 - $2,735 - $2,718 - $2,694: These are the major support zones to monitor in case of a deeper correction.
📢 Conclusion:
Given the current dynamics, gold appears poised for a potential correction after testing its all-time highs. This aligns with technical signals and fundamental developments. Traders should closely monitor key levels and upcoming announcements from the FED and President Trump to stay ahead of market movements.
👉 Follow KevinNguyen-SimpleTrade for more in-depth analysis and market updates! 🚀
Weekly and Monday analysis for Nasdaq, Oil, and GoldNASDAQ
NASDAQ closed lower, finding support at the 5-day moving average. Last Friday unfolded as expected, with a correction to the 5-day line being part of the wave pattern, making a sell-oriented approach the best strategy for the day. The downward wave emerged in the afternoon rather than during the pre-market, resulting in extended consolidation. On the weekly chart, it formed a bullish candle, reaching the upper range of the box zone; however, the MACD has yet to fully cross above the signal line.
This week, the area between the 3-day and 5-day moving averages (20,800–20,600) could act as a short-term pullback buying zone. If this area fails to hold and prices close lower with a bearish candle, the market might revert to maintaining a wide-ranging box zone. Therefore, it's crucial to close the week with a bullish candle to confirm a buy signal.
On the daily chart, the MACD and signal line are positioned above the zero line, indicating that buying pressure could persist. However, the Bollinger Bands are narrowing, suggesting that significant additional surges are unlikely. A short-term correction perspective is advisable. If prices fail to decisively break above the 3-day moving average near 21,950, a correction to the 10-day moving average should be considered.
The 240-minute chart shows the emergence of a long bearish candle forming a double top. If Friday’s low at 21,844 is breached, there’s a strong likelihood of filling the gap created on January 22. The MACD and signal line still show a significant gap from the zero line, so there could be support and a rebound at the lower levels. In summary, while a short-term sell perspective is advisable, buying opportunities could emerge near the gap-filling zone around 21,700 during pullbacks.
OIL
Oil closed higher at $74, finding support and forming a bullish daily candle for the first time in six trading sessions. This bounce establishes a foothold at the key support level of $74. On the weekly chart, prices found support at the 5-day moving average. Although the MACD has crossed above the zero line, the signal line is still slightly below it.
If a bullish candle forms this week, it will confirm a buy signal on the weekly chart, favoring buy-oriented strategies. On the daily chart, prices could rise again, finding support at the 20-day moving average. However, the sharp downward angle of the recent decline from $79 and the ongoing sell signal from the MACD indicate that any rally may face resistance and pullbacks.
If prices rebound to the $77–$78 range, there is a high probability of a pullback. The $74–$79 range is likely to hold, with a period of consolidation allowing moving averages to converge. On the 240-minute chart, bullish divergence is forming near $74, and the MACD is on the verge of generating a buy signal. A buy-oriented strategy on pullbacks is advisable.
GOLD
Gold closed higher with an upper shadow on the daily candle. On the weekly chart, prices reached the upper Bollinger Band. The MACD, however, has yet to achieve a golden cross above the signal line, keeping the sell signal intact. A strong rally with a long bullish candle would be required to confirm a buy signal.
If additional upward momentum fails and prices start to decline, the MACD may turn downward again. The current gap between the MACD and signal line suggests that an immediate buy signal might not be achievable. On the daily chart, buying pressure remains strong, and as long as the 10-day moving average holds, a one-way buying trend is likely.
On the 240-minute chart, resistance is evident at higher levels, and divergence in the MACD could occur. It’s advisable to avoid chasing prices higher. Given the staircase-like upward movement, a buy-oriented approach on pullbacks is recommended.
This Week’s Key Events:
FOMC meeting (Wednesday)
Tesla and Meta earnings reports (Wednesday)
Apple earnings report (Thursday)
Expect heightened volatility on Wednesday and Thursday. Good luck with your investments this week!
■Trading Strategies for Today
NASDAQ - Range-bound Market
-Buy: 21,850 / 21,785 / 21,720 / 21,630 / 21,530
-Sell: 21,970 / 22,010 / 22,055 / 22,105
OIL - Range-bound Market
-Buy: 74.15 / 73.40 / 72.80 / 72.40
-Sell: 75.20 / 75.95 / 76.40 / 77.10
GOLD - Bullish Market
-Buy: 2,774 / 2,768 / 2,762 / 2,752
-Sell: 2,782 / 2,793 / 2,799 / 2,816
These strategies apply only during pre-market hours. Profit-taking and stop-loss levels are as follows: Nasdaq: 15 points, Oil and Gold: 20 ticks.
If you liked this analysis, please follow me and give it a boost!
The Market Matrix - Gold, Crude, Nasdaq & DXY for Jan 26 2025This weeks edition of The Market Matrix.
Disclaimer
The information provided in this content is for educational and informational purposes only and should not be construed as financial advice, investment recommendations, or an offer to buy or sell any securities or financial instruments.
Trading financial markets involves significant risk, including the potential loss of capital. Past performance is not indicative of future results. You are solely responsible for your trading decisions and should conduct your own research or consult with a licensed financial advisor before making any financial decisions.
The creator of this content assumes no liability for any losses or damages resulting from reliance on the information provided. By engaging with this content, you acknowledge and accept these risks.
$XAUUSD: Gold firing on all cylindersSeems like OANDA:XAUUSD triggered a weekly up trend again, you can see it has been trending up strongly since I called the long term trend in Gold would take place a while back (see related ideas). Trump's ideas regarding inflation and rates might influence the Federal Reserve's actions going forward, perhaps the market is pricing this in now.
Historically, precious metals move in correlation to real interest rates, that is, inflation adjusted interest rates. At times, Gold might be affected by broad scale deleveraging at times of market stress, since it acts as collateral for many investors, or it might be bought as a hedge for geopolitical risk. In normal periods, real rates influence price the most.
Best of luck!
Cheers,
Ivan Labrie.
XAUUSD 16/01/25XAUUSD continues to hold the same bias as the past two weeks. As always, trade from the lows and aim for the highs. Orion provides us with a clear rule set to follow, allowing us to sit back and wait for our alerts to trigger.
This week, the main plan is to build more upside momentum while waiting for price to return to the lows. This would align with our long entry criteria. If the current target highs are reached, we’ll look for new lows to form and trade from.
Our approach remains simple: trade long to the highs, then wait for the next setup to appear. With Orion guiding the way, we simply follow the rules.
Trade within your risk limits and trust Orion.
Xauusd | Market break the point 2770-2769 ?XAUUSD 2,770 885 | 27/January/2025 ( Market break the point 2770-2769 )
- This video is based on Educational Purposes
In Our Past Commentary we discuss that market should close the candle below the 2770-2769 area and Currently market is at 2770.885 which is quite close
So what will be the Possible Scenarios ?
- Bearish Scenario : If Market closed the candle below our Observation point we will hold our positions to 2760 point and we are confident market will touched at 2750.00 so basically there are two regions (2750 and 2739) which are indicated trying to push from levels .Although if candles closed below this region our expectations would be to touched 2680.00 area a new lowest point
- Bullish Scenario : if Market cant break the Support level which is at 2770 - 2769 area we are going to expect the All time high at 2790 to 2800.00 area
GOLD Is Bearish! Short!
Please, check our technical outlook for GOLD.
Time Frame: 1h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is testing a major horizontal structure 2,770.874.
Taking into consideration the structure & trend analysis, I believe that the market will reach 2,759.181 level soon.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
Like and subscribe and comment my ideas if you enjoy them!