Weekly Gold Price Chart: The gold price has rebounded from the Neckline support of the Double Top pattern in the $2,290/$2,300 price zone this week. After the price retraced and tested the $2,306 breakout level, the price has been gradually adjusting higher and is likely to close the weekly candle in a Bullish manner as expected. The key support is the 20-week moving average (green line) around $2,257.
Daily Gold Price Chart: After trading below the 20-day EMA for 8 days, the price today has managed to break above this resistance level. If the price can hold above this, it has the potential to test the $2,380 zone in the medium-term. The key confirmation for the upside move would be if the price can break and sustain above $2,350, otherwise, it may pull back again.
4-Hour Gold Price Chart: The gold price is currently trading within a Down Trend Channel structure, indicated by the blue lines. Today, the price has managed to break above the EMA 120 resistance (orange line) in the 4H time frame and is now testing the blue channel resistance. If the price fails to break through the channel resistance, there is a possibility it may pull back and retest the EMA line again. Overall, the price has the potential to move higher if it can break out of the channel resistance.
1-Hour Gold Price Chart: This morning, the price has broken above the red EMA 480 resistance line (red line) and pulled back to retest it, before continuing higher in the $2,345-2,350 range. However, at this level there is a blue Down Channel resistance that may cause the price to pull back in the short term. Gold is considered a low-risk asset, but it 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.
Weekly Gold Price Chart: After last week, the gold price reversed from the Neckline support of the Double Top pattern in the $2,290/$2,300 price zone. This week, with the current price behavior breaking out of the daily resistance level yesterday, the weekly price is expected to close as Bullish as anticipated. The support level of the 20-week moving average (green line) has moved up to around $2,261.
Daily Gold Price Chart: After 8 days of trading below the 20-day EMA resistance level, gold prices finally broke yesterday on the intraday time frame and the price was able to break the EMA resistance level and hold. This has caused the daily timeframe to break out above the EMA 20-day resistance at around $2,337. The price has the potential to test the $2,380 zone in the medium term, as it has confirmed an upward medium-term trend by breaking and holding above $2,350.
4-Hour Gold Price Chart: The gold price has broken out of the downtrend channel’s resistance (blue line) and is currently testing the Fibonacci Retracement resistance level of 78.6% at a price of $2,365. Today, the price has a chance of continuing to move up and testing the blue supply zone. However, if there is a pullback, focus on a LONG position in the $2,350 zone with a profit target of $2,380.
1-Hour Gold Price Chart: After breaking above the EMA 480 resistance (red line) and dropping back down to retest, the price has broken out of the downtrend channel. Currently, the price is moving within a triangle pattern. If there is a pullback, consider a LONG position in the first zone of $2,353-$2,349 and the second zone of $2,335, targeting the Fibonacci Retracement 88.6% at $2,376-$2,380. Gold is considered a low-risk asset, but it 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.
Weekly Gold Price Chart: Last week, the price experienced a retracement, reaching a high of $2,368 before declining sharply on Friday. The price structure is forming a lower high pattern in the weekly timeframe, continuing the sequence of highs at $2,450, $2,387, and $2,368. This week, it is anticipated that the price will bounce up and then resume the downward correction. The price has a neckline of a potential double top pattern around the $2,290-$2,300 area, and the 20-week moving average (green line) has moved up to around $2,263.
Daily Gold Price Chart: Last Thursday, the price broke above the 20-day EMA, but on Friday, it reversed sharply and broke below the 20-day EMA, testing the support of the 50-day EMA (blue line) at around $2,317. The price remains volatile, not showing a clear directional trend. In the daily timeframe, there is a possibility of the price testing the 20-day EMA again around the $2,332 level.
4-hour gold price chart: The gold price shows a downtrend channel, with the blue line representing the resistance level. The price broke above this resistance on Thursday, but when it reached the 78.6% Fibonacci retracement level, it slowed down and quickly pulled back, breaking the old support of the channel and returning back inside the original channel. The price is trading below the 120-period EMA (orange line) in the 4-hour timeframe. In the near term, the focus should be on SHORTING around the $2,335 EMA level, which coincides with the blue channel resistance. Profit target is the original Low of $2,286.
1-hour gold price chart: The current price structure is accumulating strength in the form of a flag or an up-channel (blue). The price trend is in line with the 4-hour timeframe. The focus today should be on looking for SHORT opportunities when the price moves up to test the 480-period EMA (red line) in the $2,335 price zone. The profit target is the previous low at $2,286. Gold is a low-risk asset, but it 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.
Weekly Gold Price Chart: This week is still in a consolidation phase with a narrow price range. The price structure is still forming a “Lower High” pattern in the weekly timeframe, continuing from the previous highs at $2,450, $2,387, and $2,368. However, the price has not yet formed a “Lower Low” below the $2,290 support zone. If the weekly chart breaks below $2,290, it could lead to a short-term downward movement, as the 20-week moving average (green line) is providing support around $2,264.
Daily Gold Price Chart: On Friday the price fell sharply, breaking below the 20-day EMA (green line) and testing the 50-day EMA (blue line) around $2,317. This 50-day moving average provided support, allowing the price to bounce back up and test the 20-day EMA again yesterday. However, the price is still fluctuating within the range bounded by the two moving averages, and there is a possibility it could test the 50-day EMA around $2,318 again today.
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.
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.
