As it was mentioned in the previous technical analysis of Gold dated 2014-06-03, according to the formed technical signs, there was the potential for ascending of price which finally happened. Buyers were successful in achieving the highest price of 1263.59 .Right now price is above 5-day moving daily time frame that show an uptrend during the next candles. According to the formed movements in price chart, between the top price of 1388.86 and the bottom price of 1240.73, there is a none-ideal AB=CD harmonic pattern with the ratios of 50% and 161.8% that warns about ascending of price from D point.
Stoch indicator with the ascending cycle confirms the D point of AB=CD harmonic pattern and warns about the potential of ascending during the next candles. If price rises and buyers success first of the price targets would be alterant level (Change of polarity)of 1269.54.Right now in long term time frames such as Monthly and weekly, there is not any clear reason for decreasing of the price and generally until the mentioned bottom price is preserved, there is the potential for downtrend reformation.
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Technical Analysis of Gold dated 2014.06.10[/B]
Silver was in a strong and consistent downtrend during the recent Days that sellers were successful in obtaining the lowest price of 20.117.Currently in 4H time frame with formation of hammer candlestick pattern (the failure of sellers in reaching to the lower prices) price has been stopped from more descending and there is a possibility of formation of a bottom price and finally ascending of the price.
As it is obvious in the picture below, between the top price of 21.235 and bottom price of 20.117 there is AB=CD harmonic pattern with ratios of 50 and 127.2 that warns the potential of ascending from the D point of this pattern.Stoch indicator is in saturation sell area in H4 time frame and in divergence mode with the price chart that warns about changing price direction during the next days. In case of ascending of the price, one of the buyers target will be the Down Trendline(made of 5 top prices ).
Silver was in a descending trend from the top price of 21.559 that could record the bottom price of 19.297. Right now this bottom price is fixed by the next ascending candles and is the next nearest supportive level. If this supportive level breaks , the price will have the potential of reaching to the important supportive level of 18.852.
as it is obvious in the picture below, the price in a Down channel during its descending trend that the Resistance level of this channel prevent it from a rise for several times and each time the price has descended.In daily time frame there is a Inverted hammer candlestick pattern (also a Spinning top pattern) that shows the sellers retreat for reaching to the lower prices that it needs confirming with closing of an ascending candle.In case of ascending of the price, one of the buyers target will be the Down Trendline.
In the last trading week after falling to 1752 precious metals Gold bounced sharply to 1813, closing the weekly candle with a bullish candle around 1798. With Gold retracing shortly after touching again. resistance zone 1813 to 1795, in my opinion, in the beginning of today’s trading session, Gold will continue to correct after the hot rally of 61$ at the end of last week.
Switching to the shorter time frame H4 the nearest resistance area for this precious metal is around 1805, where we can refer to a short signal with a safe target around 1790 and hope. further is around 1783. Here we are looking at signals to start long again with this precious metal.
In yesterday’s trading session, after increasing the selling zone at 1800 gold fell to 1784, closing the day around 1789. With the close of the day starting to show a slowdown, in my personal opinion I have the possibility that in today’s trading session, Gold will have an uptrend again.
The support price zone with precious metal Gold is around 1783-1786. Here we can refer to a long signal with a safe target around 1798.
In yesterday’s session, precious metal Gold rebounded strongly from 1785 to 1805 ($20) and closed the day session with a bullish candle around 1803. With the strong increase of Gold after 3 For consecutive days of decline, in my opinion, in today’s trading session, Gold will continue to be pushed to higher prices.
On the H4 time frame, Gold is currently touching the upper band, which is likely to correct slightly in the beginning of this session. The nearest support of this precious metal is around 1795-1800. The possibility is that if Gold returns to this price range at the beginning of today’s session, we can buy up with the expected target of "old peak: 1814
I too think gold will retest to the major level of 1820 in upper band but if bears take the control then it can swipe away the optimistic sentiments of bulls down to 1790 level.
Closing yesterday’s session, precious metal Gold ended with a long bearish candle. With a long-legged withdrawal like this, it is likely that in today’s session, the uptrend will return. So in my opinion in today’s trading session, we will prioritize buying option.
Switching to the h4 time frame we can see that Gold from the 1798-1802 price zone is a good support to establish a buy position with this precious metal. The nearest target is around 1809 and is expected to retest the 1818-1820 zone.
Closing last week’s trading precious metal Gold had another gaining week when the price increased from 1789 to 1829 (40pip). With the end of the last 3 candles of the week showing an uptrend, in my opinion, the uptrend will continue in the next trading week.
On the daily chart time frame, we can see that Gold is currently touching the old resistance area around 1830-1834, a correction is likely here. You may consider short selling at this price area. The closest support area for precious metal Gold is around 1815-1818. It is likely that after this correction, Gold will continue to rise again. If the resistance area is broken 1830-1834, then 184x will be the price zone where this precious metal is headed.
In yesterday’s session, precious metal Gold dropped sharply from 1831 to 1798, closing the day with a strong bearish candle around 1801. Although it closed with a strong force, however, Gold is facing a challenge. back to the support zone around 1800-1804. So in my personal opinion at the beginning of today’s trading session, it is likely that Gold will have an uptrend here.
Moving to the h4 time frame we can buy short term at the current price with the target around 1810. Here it is likely that Gold will have downward pressure again so we will wait for the price reaction here to wait for the next signal.
Nowadays it’s getting harder and harder to predict the future price movement, especially when we speak about gold and silver. Everything because these two assets have been generally stable for the very long time. Actually, I can allege that gold has been being stable since the rejection of gold and foreign exchange system and the Jackson-Vanik amendment. In my opinion, the gold and silver will be either grow in future or remain stable because the market grows, then gold and silver also grow. It’s hard to reject this fact and this is a real truth.
In yesterday’s trading session, precious metal Gold went right as analyzed when it bounced up from 1800 to around 1823, closing the day session with a strong bullish green candle. With the closing with this dominant bullish candle, the buy option will be prioritized in today’s session.
We can see the next resistance area for this precious metal Gold is around 1830-1834 but before going up here I expect Gold will have a slight correction before going up and possibly breaking. broke the resistance zone 1830-1834. In the beginning of today’s trading session we may consider short selling this precious metal to the price range 1815-1817 when the precious metal comes here we consider a buy signal, then I will update later.
Comment on Gold on December 22, 2021:
