XAUUSD-Gold - Technical Analysis for Long Term Trade
Gold moved up as expected but its movement was very fast and it touched its main resistance 2065-2066 and back to support of 2055. For upward movement it should hold its support area of 2055-2046 otherwise it will go down to 2031-2030.
Right now its forming M and may be it will retest its top 2080's area. After creating M and double top it will be down as per analysis. If gold will reach 2080's area then it will be best place to open a sell order. There are less chances that it may touch 2080 area again but you can open a sell at 2065-2066 area.
Gold price consolidates in a tight range above 2050 as investors await the US NFP data for fresh guidance. Gold price has also printed a higher high near 2065 which indicates that the overall trend has turned bullish. The 20-day Exponential Moving Average (EMA) near 2035 continues to support the bulls. The 14-period Relative Strength Index (RSI) aims to break above the 60.00 hurdle. A bullish momentum would activate if the oscillator manages to do so.
According to the chart Right now don't see much more upside potential because Fed Chairman Jerome Powell indicated at the press conference following the Fed meeting that the first Fed rate cuts are likely to take some time to come. He considered an interest rate cut as early as March to be unlikely. The Fed first wants to be sure that inflation will return to the target level on a sustained basis. Weaker economic data alone will probably not be enough. You will have to be patient.
Most Watchable areas:
2065-2066 for upward movement
2031-2030 for downward movement
Note
Please never follow anyone blindly and always remember following key points:
1- First and Last thing in trading is patience.
2- Risk management in trading is a Key so use your money accordingly.
3- Please Don't think I'm always right. I could be wrong, same as every other trader.
4- I always posted my thoughts, not financial advice.
5- Please use your mind and try to get knowledge about market. It will help you in future
Thank you and Good Luck!
Right now its forming M and may be it will retest its top 2080's area. After creating M and double top it will be down as per analysis. If gold will reach 2080's area then it will be best place to open a sell order. There are less chances that it may touch 2080 area again but you can open a sell at 2065-2066 area.
Gold price consolidates in a tight range above 2050 as investors await the US NFP data for fresh guidance. Gold price has also printed a higher high near 2065 which indicates that the overall trend has turned bullish. The 20-day Exponential Moving Average (EMA) near 2035 continues to support the bulls. The 14-period Relative Strength Index (RSI) aims to break above the 60.00 hurdle. A bullish momentum would activate if the oscillator manages to do so.
According to the chart Right now don't see much more upside potential because Fed Chairman Jerome Powell indicated at the press conference following the Fed meeting that the first Fed rate cuts are likely to take some time to come. He considered an interest rate cut as early as March to be unlikely. The Fed first wants to be sure that inflation will return to the target level on a sustained basis. Weaker economic data alone will probably not be enough. You will have to be patient.
Most Watchable areas:
2065-2066 for upward movement
2031-2030 for downward movement
Note
Please never follow anyone blindly and always remember following key points:
1- First and Last thing in trading is patience.
2- Risk management in trading is a Key so use your money accordingly.
3- Please Don't think I'm always right. I could be wrong, same as every other trader.
4- I always posted my thoughts, not financial advice.
5- Please use your mind and try to get knowledge about market. It will help you in future
Thank you and Good Luck!
Comment:
At last gold has 2030 and most probably it will go more down to our target of 2025
