Weekly Gold Price Chart: The gold price is in an uptrend structure, but the latest price action has a high probability of forming a Sideway Up or 3-Drive pattern. On Wednesday, the price reached a new all-time high at $2,483, but was unable to break through the resistance of the blue channel and has been declining for the past 3 days. The 20-week EMA (green line) is currently around $2,302 and will provide long-term support for the price.
Daily Gold Price Chart: The price is moving within a blue price channel and has reversed from the resistance, forming a Sideway Up pattern. The recent price peaks were at $2,431, $2,450, and $2,483. Currently, the price is still trading in the upper part of the channel, which means it has a chance to test the blue resistance channel again, unless the price breaks below the $2,400 zone. In that case, the price is likely to move down and test the support of the Sideway Up pattern in the future.
4-hour Gold Price Chart: The price is gradually adjusting down from the resistance channel of the weekly timeframe. The price structure of the 4H timeframe has started to lose the uptrend pattern, without making new highs. It has broken through the green 20-period EMA line around the $2,445 level and moved down to the low area around $2,420. This suggests that the short-term trend is now turning bearish. Today, the price has a chance to move further down towards the support level around $2,400, with an expected price consolidation around $2,407.
1-hour Gold Price Chart: The price is currently testing the upper Uptrend Channel of the weekly timeframe, where a Bearish Divergence signal has formed before the pullback from $2,451. The price has broken below the $2,440 level and moved lower. Today, the focus is on shorting in two potential zones: around $2,442 and $2,451, targeting the $2,407 level. Gold is considered a low-risk asset but has high price volatility. It is recommended to trade it cautiously, with proper 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 trading in a sideways up structure with a triple tap or 3-drive pattern, where the price has not been able to break above the resistance channel in the last 3 attempts. Last week, the candle closed as a bearish pin bar around the $2,400 level. At this point, the price has a tendency to move down and potentially retest the 20-week EMA (green line) around the $2,310 level in the medium term.
Daily Gold Price Chart: The price is moving within a blue channel and has pulled back from the resistance, creating a sideways up structure. The recent higher highs were at $2,431, $2,450, and $2,483. Currently, the price has pulled back and is consolidating around the $2,400 middle of the channel. At this zone, the price still has the potential to bounce back up in the short term. Traders should look for an opportunity to SHORT the current downtrend, with the next target being the support of the blue sideways up channel.
4-hour Gold Price Chart: The chart from last Friday showed a sharp price decline, with the price dropping to the $2,400 level. This $2,400 level has a support line at the midpoint of the price channel, and is a demand zone. The trading strategy for today is to wait for a price rebound to consider a SHORT position from the 20-EMA (green line) around the $2,420 level, with targets at the previous lows of $2,400 and $2,380.
1-hour Gold Price Chart: The price is currently resting on the support of the blue uptrend channel. This support is expected to provide a short-term price consolidation. If the price tests the $2,420 zone again today, it is recommended to consider a SHORT position based on the current price structure and momentum, with a target of $2,380. Gold is a low-risk asset, but has high price volatility. It is advised to trade gold carefully, 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.
Weekly Gold Price Chart: The chart is showing a Sideways Up structure in the form of a Triple Tap or 3-Drive. The most recent week saw the price reach a new all-time high at $2,483, but it failed to break through the blue resistance channel in the 3 previous attempts. Last week’s candle closed as a Bearish Pin Bar around the $2,400 price level. Currently, the medium-term price movement has a tendency to retrace down to test the 20-week EMA around the $2,310 price level.
Daily Gold Price Chart: The chart is showing an Ascending Channel structure. Prices have pulled back from the resistance this past week, resulting in a Sideways Up movement with recent highs at $2,431, $2,450, and $2,483. Currently, prices have retraced back to the middle of the channel around the $2,400 level, where they consolidated yesterday. If prices break below $2,385, it would signal a confirmed downtrend. In that case, one could look for a short trade setup on any bounces higher, targeting the support of the blue Sideways Up channel.
4-hour Gold Price Chart: The price has experienced a sharp decline, dropping to around $2,400 on the last Friday. At this level, there is a support zone marked by the middle line of the price channel, which is also a demand zone. As the price enters the oversold territory, the selling pressure has started to slow down. For swing traders, the recommendation is to look for a bullish divergence signal developing near the previous low around $2,383. This could be a signal to enter a short-term long position, with the initial target being the 20-period EMA (around $2,410) and the next target at $2,420.
1-hour Gold Price Chart: The price has broken below the support of the blue uptrend channel and is now testing the green demand zone. Today, the price has created an equal low or a lower low within the 1-hour frame, which could result in a bullish divergence signal. This would be a good opportunity to consider a counter-trend long trade, with the profit target being the $2,420 zone, which corresponds to the resistance of the 1-hour descending channel. Gold is considered a low-risk asset, but it exhibits high price volatility. It is recommended to trade gold with caution, maintaining mindfulness and using appropriate risk management strategies.
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 this week has continued to move down from the Sideway Up structure in the form of a Triple Tap or 3-Drive pattern. In the previous week, the price moved up to make a new all-time high at $2,483, but did not break through the resistance of the blue channel frame in the 3 previous attempts. The price closed a Bearish Pin Bar around the $2,400 level. In the medium term, the price has a tendency to move down and consolidate around the green 20-week EMA at around $2,307 level.
Daily Gold Price Chart: The price structure is moving within an blue Ascending Channel and has pulled back from the resistance last week, causing a Sideway Up movement. The price reached the highest points at $2,431, $2,450, and $2,483 sequentially. The price has pulled back and is now consolidating around the $2,400 mid-channel level. This morning, the price has moved down to test the 61.8% Fibonacci Retracement level around $2,366, where the 50-day EMA at around $2,360 also provides support. The target for the price movement is still seen as the support of the blue Sideway Up Channel frame.
4-hour Gold Price Chart: The chart shows that the price has broken out below the 120-period EMA (4H) level at $2,392. This is also a breakout from the demand zone that had been supporting the price in the last 3 instances. There is a horizontal support level at $2,350 that is expected to provide a short-term retracement. The recommended trading approach for this period is to focus on SHORT positions when the price rebounds, with target levels at $2,350 and $2,330.
1-hour Gold Price Chart: The price has broken below the blue uptrend channel and is now in the orange rectangle zone around the $2,396 price level. It has also broken below the 480-period EMA (1H), which is the 20-day EMA, at around $2,392. This makes the trading approach and the daily outlook clear - to wait for a retracement to look for SHORT opportunities, with a consideration point at the $2,388 Swing Low from Tuesday, July 22, 2024. The initial downside target is $2,350. Gold is a low-risk asset but has high price volatility, so 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 opened with a bearish candlestick, continuing the bearish trend from the previous week, with two consecutive bearish candlesticks. During the week, the price moved down to reach a low of $2,353, but there was buying pressure towards the end of the week, causing the price to close the week at $2,386. The overall weekly picture is still unclear, and this week there is a possibility of either a rebound or a move down to test the support of the blue channel line near the $2,330 level. The 20-week EMA (green line) is around the $2,315 price level.
Daily Gold Price Chart: The gold price is in a downtrend. On Friday, the price rebounded after testing the 50-day EMA (blue line) at around $2,360. This morning, the price has adjusted up to test the resistance zone around $2,400 and then pulled back. Going forward, the trading approach will still focus on SHORT, as long as the price trades below the $2,390-$2,400 zone. The price target for the movement is still the support of the blue Sideway Up Channel in the $2,330-$2,320 zone.
4-hour Gold Price Chart: The price has risen from Friday’s level and reached a high of around $2,402 this morning. However, the price is still within the downtrend channel, indicated by the blue dotted line. The price is above the EMA 120 support (red ) line at around $2,390, which is a short-term support level. If the price does not break down below this support, it can continue to push higher. The trading recommendation is to use a Confirmation Entry strategy, where one enters a long position once the price breaks above the EMA 120 (red) line. The initial target would be the previous swing low at $2,350, and the next target would be $2,330.
1-hour Gold Price Chart: The price is trading within a Downtrend Channel shown in blue. This morning, the price has risen to test the supply zone in yellow, which is the resistance level of the Downtrend Channel. We can see that the price is still above the EMA 480 (1H), which is the 20-day EMA at around $2,390, and has not broken below the upward Speed Line. In terms of trading strategy, the breakout of the Speed Line or the $2,390 level should be used as the trigger for a SHORT trade. Alternatively, the formation of a Bearish Divergence signal on the 1H chart at the supply zone can also be considered as an opportunity to enter a SHORT trade, targeting the previous Swing Low at $2,350. Gold is a low-risk asset but has 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.
