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.
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.