Gold: First of all , sorry for the ugly chart. Its Noisy but i have to zoom out to explain everything.
Anyways. The price visited the 1810-11 on Friday. Historically this level has proved to be a good support. Price bounced back from this key support area and made a breakout crossing the lower high at 1824. On Friday close ,price was flirting with the 1832-33 resistance. And closed above 1830.
What should we expect than for upcoming week?:
Well if you look at daily chart and daily candle of Friday and weekly chart it explains a lot. The price bounced from the 200 SMA in weekly. And Daily candle is bullish. Weekly candle is showing pullback from 1810 (kind of Hammer).
On Lower TF, Look the chart i have shared. The Price has broken the bearish sequence depicted through the trendline. I am expecting the visit of 1850 and 1880 in next week. Price being below 200 DMA , the trend is bearish. Yet i am expecting retracement to these levels (1850-60-80). 1880-1885 will be the key region for further direction.
On Fundamental end, Israel and Palestine tension can trigger the safehaven (Gold) buying. I pray and wish for the world peace and safe resolution of this very very critical geopolitical tension shaping up.
So to conclude , if price revisits the 1820-25 it will be good entry to go long. I can see 1850 and 1880 from this buy entry.
Good Luck and do comment how to u find this forecast and analysis.
Anyways. The price visited the 1810-11 on Friday. Historically this level has proved to be a good support. Price bounced back from this key support area and made a breakout crossing the lower high at 1824. On Friday close ,price was flirting with the 1832-33 resistance. And closed above 1830.
What should we expect than for upcoming week?:
Well if you look at daily chart and daily candle of Friday and weekly chart it explains a lot. The price bounced from the 200 SMA in weekly. And Daily candle is bullish. Weekly candle is showing pullback from 1810 (kind of Hammer).
On Lower TF, Look the chart i have shared. The Price has broken the bearish sequence depicted through the trendline. I am expecting the visit of 1850 and 1880 in next week. Price being below 200 DMA , the trend is bearish. Yet i am expecting retracement to these levels (1850-60-80). 1880-1885 will be the key region for further direction.
On Fundamental end, Israel and Palestine tension can trigger the safehaven (Gold) buying. I pray and wish for the world peace and safe resolution of this very very critical geopolitical tension shaping up.
So to conclude , if price revisits the 1820-25 it will be good entry to go long. I can see 1850 and 1880 from this buy entry.
Good Luck and do comment how to u find this forecast and analysis.
Comment:
1880 Achieved Successfully