Here is my last chart and what I have told you that it was manipulation and now there are lot of chances for downtrend.
Anyway from a technical perspective, any subsequent slide is likely to find some support near the 2030 level ahead of Friday’s swing low, around the 2024 area. Some follow-through selling will be seen as a fresh trigger for bearish traders and drag the Gold price to the 50-day Simple Moving Average (SMA), currently around the 2012-2011 area. This is followed by the $2,000 psychological mark, which if broken should pave the way for a further near-term depreciating move.
On the other side, momentum beyond the 2050 immediate hurdle might continue to confront stiff resistance near the 2064-2065 area ahead of the 2077 zone. A sustained strength beyond the said hurdles might prompt a short-covering rally and allow the Gold price to aim back towards reclaiming the 2100 round-figure mark.
Gold price is undermined by reduced bets for aggressive Fed rate cuts. The incoming US economic data pointed to a still-resilient economy, which, along with hawkish remarks by Fed officials, dashed hopes for a more aggressive policy easing by the central bank. This remains supportive of elevated US Treasury bond yields, which act as a headwind for the US Dollar (USD) and exert downward pressure on the Gold price during the Asian session on Monday. That said, a softer risk tone might help limit losses for the safe-haven XAU/USD.
Concerns about a slow economic recovery in China, along with geopolitical risks, weigh on investors' sentiment, which is evident from a fresh leg down in the US equity futures. Traders might also prefer to wait for the release of the US consumer inflation figures on Thursday to confirm the next leg of a directional move for the Gold price. This makes it prudent to wait for strong follow-through buying before positioning for the resumption of a one-week-old downtrend.
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!
Anyway from a technical perspective, any subsequent slide is likely to find some support near the 2030 level ahead of Friday’s swing low, around the 2024 area. Some follow-through selling will be seen as a fresh trigger for bearish traders and drag the Gold price to the 50-day Simple Moving Average (SMA), currently around the 2012-2011 area. This is followed by the $2,000 psychological mark, which if broken should pave the way for a further near-term depreciating move.
On the other side, momentum beyond the 2050 immediate hurdle might continue to confront stiff resistance near the 2064-2065 area ahead of the 2077 zone. A sustained strength beyond the said hurdles might prompt a short-covering rally and allow the Gold price to aim back towards reclaiming the 2100 round-figure mark.
Gold price is undermined by reduced bets for aggressive Fed rate cuts. The incoming US economic data pointed to a still-resilient economy, which, along with hawkish remarks by Fed officials, dashed hopes for a more aggressive policy easing by the central bank. This remains supportive of elevated US Treasury bond yields, which act as a headwind for the US Dollar (USD) and exert downward pressure on the Gold price during the Asian session on Monday. That said, a softer risk tone might help limit losses for the safe-haven XAU/USD.
Concerns about a slow economic recovery in China, along with geopolitical risks, weigh on investors' sentiment, which is evident from a fresh leg down in the US equity futures. Traders might also prefer to wait for the release of the US consumer inflation figures on Thursday to confirm the next leg of a directional move for the Gold price. This makes it prudent to wait for strong follow-through buying before positioning for the resumption of a one-week-old downtrend.
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:
2014 is main support atm and lets see when it will be broken. At 4hr chart it has touched 200 MA at 2028 and let see where new 4hr candle. If new candle will be after 200 MA then most probably we will see 2014 very soon.
Comment:
At last gold has touched 2016 and now we need to see day candle closing. After this there will be more confirmation for downward movement. Right now its moving outside the bear flag and it has dropped almost $30 and hoping for more down. It can retest 2028 again for more confirmation.
Comment:
As I told you earlier that it can retest 2028 area. Now we need to see our day candle. Over all right now it's short term downtrend and in my opinion gold will move 1900 to 2150 in this year or may be more down to 1800 and more upward 2200. See you tomorrow with new chart and analysis. Good night
