Gold FuturesLong
GC Gold futures (Daily Chart)
I'm going out on a limb here before FED minutes today, but here is a daily chart analysis of gold in USD:
Gold is typically seasonal, selling in late first or second quarter until third or fourth quarter. Despite recent selling, gold has held remarkably well in light of a hawkish FED.
The good news:
Gold has bounced off its rising 200 day EMA (red moving average line) which has been good support. I expect some churning in this area (1900-1950) until fall/winter when seasonality becomes bullish -- the bottom dashed line is near a prior pivot swing (circle), and a key Gann level. and the top dashed line is a key Gann line and a key volume level.
The bad news:
Gold sits below its ichimoku cloud, which is potential resistance. 2K area is near a prior all time high and potential resistance.
Overall Assessment: I don't expect a low below the low 1900's (bottom dashed line). I do expect new highs, most likely in 2024. But new highs are contingent on macro environment of deteriorating economy ( banking, real estate defaults, global recession) and/or relaxed rate environment and effective monetary easing. Of course any black swan (which is unpredictable) can launch a new high.
Gold is typically seasonal, selling in late first or second quarter until third or fourth quarter. Despite recent selling, gold has held remarkably well in light of a hawkish FED.
The good news:
Gold has bounced off its rising 200 day EMA (red moving average line) which has been good support. I expect some churning in this area (1900-1950) until fall/winter when seasonality becomes bullish -- the bottom dashed line is near a prior pivot swing (circle), and a key Gann level. and the top dashed line is a key Gann line and a key volume level.
The bad news:
Gold sits below its ichimoku cloud, which is potential resistance. 2K area is near a prior all time high and potential resistance.
Overall Assessment: I don't expect a low below the low 1900's (bottom dashed line). I do expect new highs, most likely in 2024. But new highs are contingent on macro environment of deteriorating economy ( banking, real estate defaults, global recession) and/or relaxed rate environment and effective monetary easing. Of course any black swan (which is unpredictable) can launch a new high.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.