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.
4-hour Gold Price Chart: The gold price has been able to break above the resistance of the downtrend channel in the blue channel. After that, when the price tested the green supply zone, it came back to retest $2,350 and then continued to move up. The price is now consolidating at the beginning of the green supply zone, where the 20-period EMA (4H) in green is located at $2,350. However, due to an important news event today, in the medium term, the trend is expected to continue higher to $2,390-$2,400, but in the short-term, the price may pull back and consolidate in the $2,347-$2,340 demand zone before attempting to move up again.
1-hour Gold Price Chart: The gold price is in a blue uptrend channel. Currently, the price is testing the green supply zone between $2,363-$2,370. If it can break above, the price will likely move up to the previous high zone of $2,380-$2,390 from June 7th. However, if it fails to break higher, the price is likely to pull back and revisit the $2,347-$2,340 demand zone. This would be a good area to consider a long trade, with the first target at the $2,370 supply zone, and hoping for a breakout to the next zone above. Gold is 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 8, 2024
Weekly Gold Price Chart: Last week, the gold price rebounded strongly, closing a full bullish bar in a 4-week breakout structure. In the broader picture, the price has a bright outlook to test the all-time high of $2,450. The 20-week EMA (green line) has risen to around $2,286, near the previous neckline. In the short term, it will continue to support the price in the long run.
Daily Gold Price Chart: In the daily timeframe, the recent move from $2,290 is a nice upward move. The price was able to break above the $2,370 high and test the $2,390 zone on Friday. If the weekly candle can close and hold above $2,390, the price is likely to move up to test the $2,430 and $2,350 zones respectively. However, if the price pulls back, the Sideway/Ranging trend between $2,390 and $2,290 may continue. The BB Middle Band has risen to around $2,334, providing support.
4-hour Gold Price Chart: After the price was able to break out of the downtrend channel (blue channel), it moved up and tested the green supply zone. The price then retested the $2,350 level and continued its upward movement, breaking through the $2,370 supply zone and testing the $2,390 zone on Friday. Today, the price has the potential to correct in the short term. A key support zone to consider for a buy opportunity is the previous $2,370 supply zone that was broken out from on Friday. If the price can maintain its bullish momentum, it has the potential to move up further to the $2,410 zone.
1-hour Gold Price Chart: The price was able to break above the blue uptrend channel resistance on Friday. Currently, the price is pulling back to test the previous resistance around $2,380, which has the potential to act as support and push the price higher in the short term. Interesting buy zones to consider are around the $2,370 level, with a target of the previous $2,410 neckline resistance that was broken down on June 22, 2024. Gold is a low-risk asset but has high price volatility, so 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.
