Gold price looking towards 2080 and onward. Bulls in charge
ABCD pattern formation where C point exactly formed at Fib 38% where D point indicates 2080 level.
Market Opening and Price Strengthening:
The market opened with price strengthening and retested the level of 2055.
The mood of the market suggests potential medium-term price growth.
The correlation with the dollar is temporarily decreasing, and gold appears to be a strong asset fundamentally.
Volatility and Holiday Weekend:
Volatility is expected to be lower than the daily average due to the holiday weekend in the USA.
Technical Analysis:
The market is currently testing the 2048 level, and price consolidation above this area could signal bullish potential.
Bullish potential could push the price to 2080, 2100, and 2152 in the medium term.
Moving averages are worth paying attention to.
Support and Resistance Levels:
Support Levels: 2048 ,2038
Resistance Levels: 2062, 2072,2082
Fundamental Background:
The market is testing support, and there is a suggestion that gold could strengthen due to a favorable fundamental background for the asset.
In summary, the analysis indicates a positive outlook for gold in the medium term, with attention to technical indicators, support and resistance levels, and the overall fundamental background. Traders and investors may want to monitor the mentioned levels and factors for potential trading opportunities. Keep in mind that market conditions can change, and it's essential to stay updated with the latest information.
Market Opening and Price Strengthening:
The market opened with price strengthening and retested the level of 2055.
The mood of the market suggests potential medium-term price growth.
The correlation with the dollar is temporarily decreasing, and gold appears to be a strong asset fundamentally.
Volatility and Holiday Weekend:
Volatility is expected to be lower than the daily average due to the holiday weekend in the USA.
Technical Analysis:
The market is currently testing the 2048 level, and price consolidation above this area could signal bullish potential.
Bullish potential could push the price to 2080, 2100, and 2152 in the medium term.
Moving averages are worth paying attention to.
Support and Resistance Levels:
Support Levels: 2048 ,2038
Resistance Levels: 2062, 2072,2082
Fundamental Background:
The market is testing support, and there is a suggestion that gold could strengthen due to a favorable fundamental background for the asset.
In summary, the analysis indicates a positive outlook for gold in the medium term, with attention to technical indicators, support and resistance levels, and the overall fundamental background. Traders and investors may want to monitor the mentioned levels and factors for potential trading opportunities. Keep in mind that market conditions can change, and it's essential to stay updated with the latest information.