Golds out look for next week
Gold prices witnessed a clear decline during this weeks trading. With the prices of the metal recording their lowest levels in more than two weeks, as investors awaited the release of some important US economic data that now provide more soild data for the start of the US interest rate cut. Friday saw Gold prices achieving strong increases during trading, rising by more than $30, in light of the strengthening of market expectations regarding a reduction in the US interest rate soon, after the release of the US Federal Reserve's favorable inflation data. Fundermentals remain unchanged war and political tentions and uncertainty remain but we are taking a decline. Let's take look at the technicals to see where we are at.
Looking at daily chart we can see price came down to out liquidity zone marked out on last week's chart. Failing to break the daily support. Weekly time frame shows us back in the consolidation zone.
4 hour we can see a head and shoulders pattern which is now creating resistance for current price along with a down trend. 2390 to 2410 also shows resistance from moving averages. This will be the 1st area of interest next week for continuation to the downside following trend of a break and retest to the upside.
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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.