JRFX | Daily Gold Price Analysis-July 11, 2024
Weekly Gold Price Chart: This week’s overview is a Retracement, where the price has pulled back after rising from the resistance level of $2,330 the previous week. Within this week, the price has received buying pressure, causing the current price to be close to the previous week’s closing price. Today there is an important news event - the announcement of the US Consumer Price Index, which may impact the behavior and price structure of gold. The 20-week EMA (green line) at around $2,286, near the previous Neckline, will provide long-term support for the price.
Daily Gold Price Chart: The price is still below the resistance line (blue line) at the level below $2,388. Yesterday, the price tested and reached a high of $2,387 before pulling back, and has adjusted again this morning. Today, it is expected that there may be a breakout from the support range that has been controlling the short-term trend, or there may be a breakout from the resistance Channel that has been controlling the long-term trend. The critical support levels are $2,350 and the BB Middle Band at $2,341, which will provide medium-term support for the price.
4-hour Gold Price Chart: The gold price is currently consolidating within a Symmetric Triangle pattern. Yesterday, the price was able to break above the $2,370 Swap Zone and reached a high of $2,387 before pulling back to test the $2,370 level (which has now become a support). This morning, the price has once again broken out below the $2,370 level. The upcoming US CPI (Consumer Price Index) news announcement at 3:30 PM (GMT +3) is expected to trigger a breakout in one direction or the other.
1-hour Gold Price Chart: The price is currently moving within an Uptrend Channel (shown in blue). The price is currently testing the resistance of the daily chart’s trend line, which connects the high of $2,450 on May 20, 2023 and the high of July 5, 2023. It is anticipated that the price may see a pullback during the day today, potentially testing the $2,370 support level before resuming its upward move. Gold is considered a low-risk asset, but it exhibits high price volatility. It is recommended to trade gold 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 12, 2024
Weekly Gold Price Chart: The gold price has been moving up continuously this week as expected, after experiencing a retracement and breaking out from the previous week’s high of $2,392. The price has now reached a new high of $2,420. The 20-week EMA (green line), which acts as a support level, is around $2,290 and has risen to the Neckline level, which is expected to provide long-term support for the price.
Daily Gold Price Chart: The gold price has broken out from the resistance line (blue line) and is now moving up to test the $2,420 resistance zone. This supply zone may cause the price to pull back in the short term. However, the expectation is that the price will break out above $2,420 and move up to test the all-time high of $2,450 in the near future, with the potential to create a new all-time high in the range of $2,470-$2,480.
4-hour Gold Price Chart: The chart shows a Symmetric Triangle breakout that has been accumulating strength since yesterday. The current 4H trend structure is aligned with the weekly timeframe trend. After the recent pullback, the price has a chance to continue moving up to attempt the $2,420 zone and test the $2,450 high. The 4H EMA 20 (green line) is providing support around the $2,390 price level.
1-hour Gold Price Chart: The chart is showing an Uptrend Channel. Yesterday, the price reached a new high above $2,420 and has since been retracing within the Channel structure. Today, consider potential long/buy opportunities from two price levels: the first around $2,404 and the second around $2,396. The profit targets are set at $2,420 and $2,450 respectively. However, if the price breaks below $2,395, it would be prudent to cut losses and wait for a new long setup around the $2,385 price zone. 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 15, 2024
Weekly Gold Price Chart: The gold price has been on a continuous upward trend from the previous week. There was a retracement where the price pulled back before breaking out above the previous week’s high of $2,392 and reaching a new high of $2,424. The 20-week EMA support (green line) is around the $2,301 price level. This average line will provide long-term support for the price. The key behavior to watch for the long-term uptrend is whether the price can create a new high that is equal to or higher than the previous high of $2,450. If this does not occur, the price has a high chance of pulling back to test the blue trendline or the 20-week green average line.
Daily Gold Price Chart: The gold price breaks out above the resistance level, with the red Speed line moving up and testing the resistance zone around $2,420. This resistance zone is a supply zone that has caused the price to pullback in the short-term. On Friday, the price tested the previous week’s high around $2,390 and then moved back up close to the Thursday, July 12th closing price. The forecast is that the price has a bullish trend with a likelihood of breaking out above the $2,420 resistance and moving up to test the all-time high around $2,450. There is also a possibility that the price could make a new all-time high in the $2,470-$2,480 range.
4-hour Gold Price Chart: The chart is moving within an uptrend structure, with a series of higher highs and higher lows. However, last Friday the price was unable to break out above the $2,420 resistance zone or create a new high above $2,424, suggesting the price may need to consolidate further. There is a possibility the price could retrace back down to test the green 20-EMA line around the $2,400-$2,398 price level. Overall, as long as the price remains above the blue dashed support channel and the previous red dashed channel lines, the uptrend can still be considered intact. The price has the potential to continue moving higher.
1-hour Gold Price Chart: The chart is moving within an uptrend channel (shown in blue). However, the price is starting to slow down again. The price has a tendency to consolidate and accumulate strength within a symmetrical triangle pattern, or it may develop into a flag structure along the blue dotted line. The key demand zone is around $2,384-$2,377. If the price breaks below this zone, it will start to confirm a downtrend. In the meantime, monitor the price action within the downward sloping channel (blue dotted line). Gold is considered a low-risk asset, but it has high price volatility. It is recommended to trade gold cautiously, with 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 16, 2024
Weekly Gold Price Chart: The price continues to move in a Bullish direction for the 4th consecutive week, with the price starting to approach the all-time high of $2,450. Yesterday, the price rose to the target of $2,440 before correcting lower. In the intraday timeframe, there are signals of a slowdown. In the short-term, it is expected that the price will start to consolidate. The 20-week EMA support level (green line) is around $2,301, and this average will provide long-term support for the price. The key behavior for the long-term price trend depends on whether the price can establish a new high that is equal to or higher than the previous all-time high of $2,450. If this does not occur, the price has a high probability of retracing down to test the blue trend line or the 20-week green moving average.
Daily Gold Price Chart: The price continues to cling well to the BB Upper Band. Yesterday, the price went up to make a high of $2,440 before pulling back and closing at $2,422 in the $2,402 price zone. It closed as a candle with upper and lower wicks, indicating the possibility of sideways movement or further upside in the near term. Looking at the possibilities for today, the price has a chance to pull back and consolidate around the $2,420 price zone again. However, if the price can break and hold above $2,440, it will have the opportunity to approach the All-Time High of $2,450 again. The key support levels on the daily timeframe are $2,390 and $2,360.
4-hour Gold Price Chart: The price is moving within an uptrend structure, creating a series of Higher Highs and Higher Lows. Yesterday, it made a Higher High at $2,440 before pulling back and consolidating around the $2,420 price zone again. Looking at today, there is a possibility of a short-term pullback or retracement in the price. It is recommended to consider opportunities to take a SHORT position against the trend in the $2,440 zone, with potential targets at $2,420 and $2,410. Overall, as long as the price remains above the support channel (blue dashed line) and the previous channel (red dashed line), the uptrend should still be considered intact.
1-hour Gold Price Chart: The chart shows an uptrend channel in blue. Yesterday, the price broke out from the flag structure (indicated by the blue dashed line) and reached the profit target of $2,440. The price then pulled back and consolidated around the $2,420 level. Today, the first support level in the 1H frame is $2,420, which has the potential to see the price test the previous day’s high. However, due to the bearish divergence signal observed in the 4H chart, it is expected that the price will pull back and test the $2,420 support zone again. Gold is considered a low-risk asset, but it exhibits high price volatility. It is recommended to trade gold 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 18, 2024
Weekly Gold Price Chart: The gold price is currently in an uptrend structure on the weekly time frame. The latest price action displays a Sideway Up or 3-Drive pattern. Yesterday, the price reached a new all-time high at $2,483, but it is still testing the resistance of the blue channel. The 20-week EMA (green line) is currently around the $2,306 price level and will act as long-term support for the price. If this week’s price closes above the $2,480 resistance level and the channel, it will have the opportunity to test the weekly resistance at $2,530 and the monthly resistance at $2,575 in the future.
Daily Gold Price Chart: On the daily time frame, the price is moving within a blue channel in a Sideway Up pattern, making higher highs at $2,431, $2,450, and the latest $2,483 yesterday. However, it faced rejection at the resistance and retraced back to test the $2,450 level, which was the previous high. The price is expected to continue consolidating within the channel resistance. If it fails to break above the $2,480 resistance, it will likely resume the Sideway Up movement within the channel.
4-hour Gold Price Chart: The gold price adjusted downwards from the resistance channel of the weekly timeframe yesterday. The 4H price structure is still an uptrend structure, with the price moving down to the green EMA 20 average line around $2,450 before starting to rise again. Today, there is a chance that the price will move to test the All Time High and the blue resistance channel, but the price is expected to adjust down again.
1-hour Gold Price Chart: The chart shows the price hitting the blue Uptrend Channel resistance of the weekly timeframe, with a Bearish Divergence signal before dropping to $2,451. If the price moves to test the previous high around $2,483 today, consider SHORTING it with profit targets at $2,450 and $2,444 respectively. It is recommended to set profit targets not exceeding the dotted support line acting as a support level. Gold is a low-risk asset with high price volatility. It is recommended to trade with carelessness. Be mindful and use appropriate risk controls.
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.
