4-hour gold price chart: The chart shows that the price has returned to the previous trading channel. The price is trading below the 120-period EMA (orange line) in the 4H timeframe. Yesterday, the price tested the $2,335 level of the 120-period EMA and then pulled back as expected in the early trading session today. In the short-term, the price has the potential to either test the 120-period EMA resistance at $2,335 again, or it may drop down to test the low around $2,318.
1-hour gold price chart: The current price structure is accumulating in the form of a Flag or an Ascending Channel (blue). The overall trend is aligned with the 4H timeframe. For today’s trading approach, if the price stays above the 480-period EMA (red line) in the 1H timeframe, the focus should be on looking for SHORT opportunities down to the support levels of the Flag structure. However, if the price can break and hold above the red EMA, look for opportunities to LONG following the Flag formation. Gold is a low-risk asset but has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.
The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.
JRFX | Daily Gold Price Analysis-June 27, 2024
Weekly Gold Price Chart: The gold price is continuing its downward movement this week, following the price structure of a Lower High pattern in the weekly timeframe. This has been a continuous pattern from the high of $2,450 => $2,387 => $2,368 and $2,337. The price is currently moving down to test the $2,290 support level (red line), which is the Neckline of the Head and Shoulders pattern in the weekly timeframe. Below the Neckline, there is support ready to hold the price, with the 20-week moving average (green line) moving up and now near the $2,261 price level.
Daily Gold Price Chart: On Tuesday the price came back down to test the support of the 50-day EMA (blue line) at around $2,318. Yesterday, the price was able to break below this 50-day EMA line, which is an important move. The 50-day EMA at around $2,316 now has the potential to act as a resistance level that could push the price down further. For today, the price has a chance to break the $2,290 Neckline support in order to move lower.
4-hour gold price chart: Price is moving down within a Down Trend Channel in the blue frame. Yesterday, the price was able to break below the $2,316 support level. For today’s movement, there is a possibility that the price could move down to test the previous low of June 7th at around $2,286. The next key support level will be the 480-period EMA (red line) at around $2,284.
1-hour gold price chart: The price has broken the Flag pattern structure and has broken below the $2,318 and $2,306 support levels sequentially. Today, the focus is on SHORT at the $2,305 resistance and the secondary resistance at $2,316, with a target of $2,284 based on the projected downtrend (orange line). If there is no retracement, the price could move directly down to the target. Gold is a low-risk asset but has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.
The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.
JRFX | Daily Gold Price Analysis-June 28, 2024
Weekly Gold Price Chart: This week, after the gold price moved down according to the Lower High price structure of $2,450 => $2,387 => $2,368 and $2,337 from the previous weeks, the price has moved down to test the Equal Low area at the Neckline of the Head and Shoulders pattern around the $2,290 level, before adjusting back up to the opening price range of the week. The 20-week moving average support, shown in green, is around $2,263. The price behavior indicates that the SELLERS still do not have enough strength to break below the $2,290 Neckline support. This week, there is a chance the candle will close as an Indecision Bar.
Daily Gold Price Chart: On Wednesday the price broke below the 50-day EMA level at $2,318 (blue line), but yesterday the price moved back up to test the 20-day EMA at $2,328 (green line) again. However, the daily price structure has a “Break & Retest” pattern trend, so there is still a chance it could pull back or continue moving down further.
4-hour gold price chart: The price is moving down within a blue downtrend channel. Today, the price is being squeezed and is moving between the support/resistance of the orange 120-period EMA around $2,330 and the green 20-period EMA around $2,318. For a profit-taking trade today, it is recommended to wait for a breakout above the green zone ($2,330-$2,318) and then follow the trade in that direction.
1-hour gold price chart: Yesterday the price tested the red 480-period EMA resistance again but has not broken through. It is expected that the price will attempt to break above the red EMA today. If this occurs, it is recommended to wait for a price pullback and consider a LONG trade, targeting the $2,350 price zone. Gold is a low-risk asset but has high price volatility, so it is advised to trade with caution, mindfulness, and appropriate risk management.
The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.
JRFX | Daily Gold Price Analysis-July 2, 2024
Weekly Gold Price Chart: In the weekly timeframe, the gold price is in a downward price structure, creating a series of Lower Highs at $2,450, $2,387, $2,368, and $2,339 last week. It has a support level at the Neckline of the Head and Shoulders pattern (red line) around $2,290, which can still provide support. The 20-week moving average (green line) is around $2,269. Based on the price behavior, the price has a chance of adjusting downward to $2,290 or $2,269 before rebounding in the short term.
Daily Gold Price Chart: In the daily timeframe, the price is moving in a Sideways channel without a clear price trend. The BB Upper Band resistance is around $2,373, and the BB Lower Band support is around $2,278. The current price is consolidating around the Middle Band, with the possibility of either moving up to test the resistance or down to test the support.
4-hour Gold Price Chart: The gold price is moving down within a downtrend channel in the blue frame. The resistance at $2,340 is still exerting good downward pressure on the price, and the support at $2,296 is also providing good support. Below that, there is the EMA 480 of the 4H frame in the red line at around the $2,285 price level. Today, if the price moves lower, there will be the 1H frame support level around $2,319 to support the price. In case the price breaks above $2,340, there is still resistance of the channel to put pressure on the price. Therefore, in this period, a large price movement is not expected.
1-hour Gold Price Chart: It is overall stuck within the $2,340 resistance and $2,319 support levels, supporting the price. It’s suggested to focus on trading within these aforementioned short-term support and resistance levels or wait for the price to break out of the ranging or channel frame before considering appropriate further trading. Gold is a low-risk asset but has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.
The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.
JRFX | Daily Gold Price Analysis-July 4, 2024
Weekly Gold Price Chart: The gold price has started to change its structure again after pushing up from the $2,290 support level and consolidating in the early part of the week. Yesterday, the price adjusted from the $2,330 zone and tested the $2,370 price zone. The price has a support level at the 20-week moving average (green line) which is around $2,272. Based on the recent price behavior, if the price can break above the $2,370 zone, it has the opportunity to test the resistance level in the $2,390-$2,400 range again.
Daily Gold Price Chart: Today is a holiday in the United States, Independence Day. In the evening, gold prices are not expected to see significant volatility. In the daily timeframe, the price has moved up from the BB Middle Band and is testing the BB Upper Band resistance level around $2,367, while the previous BB Middle Band will now act as support around $2,326. Today, it is expected to see a short-term pullback after testing the previous high of $2,367.
4-hour Gold Price Chart: The chart shows that the price was able to break through the resistance of the downtrend channel structure in the blue box yesterday and tested the green supply zone. This morning, the price has pulled back to test the previous resistance that was broken yesterday. This level is expected to provide support. Today, it is anticipated that there will be an attempt to test the resistance at $2,370 again. If it breaks through, the price is expected to continue rising to $2,390.
1-hour Gold Price Chart: The price is moving within an uptrend channel shown in the blue channel. The price is currently pulling back after visiting the green supply zone. Today, the focus is on a BUY entry at the $2,347 price level, with a target at the previous high of $2,367-$2,370. Gold is considered a low-risk asset but has high price volatility. It is recommended to trade it with caution, mindfulness, and appropriate risk management.
The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.
JRFX | Daily Gold Price Analysis-July 5, 2024
Weekly Gold Price Chart: The gold prices have been strongly rebounding this week, as part of a 4-week accumulation structure. If there are no changes during the Nonfarm Payrolls news today, the price is expected to test the $2,390-$2,400 resistance zone again. The Neckline support at $2,290 and the 20-week EMA green line around $2,270 will provide long-term support.
Daily Gold Price Chart: Today there is a scheduled release of the US Nonfarm Payrolls, Unemployment Rate, and Average Hourly Earnings data at 15:30 (GMT+3). In the daily timeframe, the price is moving up from the BB Middle Band and testing the BB Upper Band resistance around $2,372. The BB Middle Band support is around $2,329. There is a possibility that the price will break above the $2,370 zone to test the next high in the $2,390 zone. Alternatively, it may pull back to retest the BB Middle Band at $2,330.
