Gold appears to be moving within a parallel channel between $2478 (support) and $2525 (resistance). There is potential for a pullback before the next push from the buyers into resistance again. Price made an all time high last month circa $2531. Is the market demand for Gold high enough to create a second all time high in as many months?
In this weekly bullish trend, price may have found a top at 1.3266 with last weeks candle unable to break the high. The correction/retracement could now be in play as we head back to the big number 1.3000 which previously acted as resistance.
Price has rejected daily support, first seen when the daily candle rejected 1.4900 on 1st August this year. When price retested the zone at the end of August, we saw strong bullish momentum with Fridays candle closing as a bullish engulfing candle. This was predominantly due to negative employment data from Canada. There is potential for price to head back to...
Price printed a Head and Shoulders pattern in early August and has since started to decline quite sharply. With Tuesdays candle having now pulled back to the moving averages, we could now start to see sellers enter the market once more to test the previous low at 1.7668 and then major support at 1.7450 if selling continues.
Last week price cleared the 1.1100 resistance level but failed to stay above.
This is potentially a false break and we may see a retest and rejection of the level or a pullback before further selling of the pair.
Since price printed a weekly bearish engulfing candle at 1.3900, we have seen a continuing bearish impulse with a possible support now being found at the 1.3440 zone. There is potential for price to retrace towards 1.3640 for a correction, before recommencing a second bearish impulse towards 1.3230 where the market found weekly support during December 2023.
Overall on the weekly time frame we are seeing an uptrend.
The daily chart shows a correction forming after a bearish impulse (potentially a correction of a weekly move from the buyers).
If we can see a close below daily support, then this may lead to another bearish impulse back to the overall trendline.
A bullish gold broke all time highs last week peaking at just over $2531 per troy ounce. Since then, we have seen price pullback to test the previous daily resistance at $2476 and reject the level, breaking and closing above the counter trendline at the end of next week.
Since printing a double bottom at 0.5877 we have seen a strong NZD against a weaker USD. Price closed above d0.6210 daily resistance on Friday with the next resistance level at 0.6360 in sight if the bias continues.
Price is in a daily downtrend with the most recent price action pulling into the moving averages before moving away again. Support at 0.8400 looks like the next stop for this pair.
Price has now broken through daily resistance at $2475 per ounce and created an all time high with strong bullish momentum on Friday.
We can now look for price to form a new resistance level and retest/reject the same zone (2475), which would potentially indicate more upside to come.
With price making an all time high, sellers of physical gold may see now as a...
Price is moving within a Rising Wedge which is often seen as a reversal pattern as price action gets squeezed into the apex of the triangle until it breaks lower.
Look for price to turn bearish, we may see this after forming a double top or after breaking the last swing high. There is divergence on the 4 hour MACD which suggests that the buying pressure is...
Gold as been moving with a daily range between $2367 per ounce and $2475 per ounce since mid July 2024. Now with price back at $2475, we look to see if price will reject again. Core CPI news from the US later today could affect this precious metal and give us a direction.
Silver has been on the decline since it triple topped at 31.50 in July. There may be another opportunity to sell targeting the 26.20 zone which was support in May this year.
Price has printed a 3rd rejection of 0.8283 on Friday with an Evening Star pattern. We could now see price gravitate towards the trend line and potentially a break out lower confirming the triple top pattern. If this happens then price could drop all the way down to 0.8080 where we last found major support in April this year.
Price has reached the top of an ascending channel. Yesterdays daily candle was an 'inside' candle indicating neither the buyers or sellers took charge of the market. This may be a top and we could look for an impulse down and a correction for further downside.
The monthly chart shows a respected trendline and although we are only early into the month of August, this could be the optimal time to look for buyers to come into the picture. Diving down into the smaller time frames, you will see a sharp move lower recently. Price is certainly in need of a correction if nothing else.
Price is moving within an ascending channel and has rejected the top of the channel several times. Firstly December 2023, then May 2024 and now July 2024 at the 1.1130 zone. There was huge momentum to the downside this week and there is potential for more downside to the bottom of the channel around 1.0860.
