Gold Weekly Analysis: Gold is about to test it's resistance zone
Updated
Hello guys, welcome back to another gold weekly forecast. Gold is shining for 14 days as a safe-haven asset. Gold almost up nearly 1200 pips within 14 days. Russia-Ukraine issues set on fire on commodities prices, including gold. So, Any de-escalation of Russia-Ukraine tension may decrease the gold price as gold is rising for this issue.
The current gold market condition shows that economic calendar reports are not working as it usually does before. Last week the US retail sales report was excellent, but it didn't help the USD against the gold. When the world goes through any kind of crisis, gold behaves like a king.
The world is going through a geopolitical crisis, and gold is dominating, and it was supposed to happen. So, as long as geopolitical issues exist, gold will run to the upside more. So, Any de-escalation of geopolitical crisis will also send the gold down.
Technical Analysis: Technically, gold is in an uptrend but hovering near its trendline resistance and previous swing high level. RSI also shows gold price holding over the overbought zone. So, considering technical analysis, it is expected that gold may go a deep correction to the downside.
$1908/1915 is a resistance and correction zone from the current rates. So, gold may drop as a correction for the $1908/1915 price zone. But if the Russia-Ukraine tension rises more, I think gold will consider neither a resistance zone nor a swing high instead. If it can break above the $1915, gold may test the $1925 price zone immediately.
From $1925, we may see a minor correction in deep, and it will be a buying opportunity. Our next target to the upside will be the $1950/1960 price zone, and the final target to the upside is $1995/2000.
On the other hand, if geopolitical tension de-accelerates bit or the market follows technical analysis, gold may drop to the $1868/1870 price zone from the current price. Breaking below $1868 will open the door for testing the $1830 price. But I think gold won't break below $1830 very soon unless Russia-Ukraine issues are wholly finished.
If you like my analysis, please like, comment, share, follow, and join me.
The current gold market condition shows that economic calendar reports are not working as it usually does before. Last week the US retail sales report was excellent, but it didn't help the USD against the gold. When the world goes through any kind of crisis, gold behaves like a king.
The world is going through a geopolitical crisis, and gold is dominating, and it was supposed to happen. So, as long as geopolitical issues exist, gold will run to the upside more. So, Any de-escalation of geopolitical crisis will also send the gold down.
Technical Analysis: Technically, gold is in an uptrend but hovering near its trendline resistance and previous swing high level. RSI also shows gold price holding over the overbought zone. So, considering technical analysis, it is expected that gold may go a deep correction to the downside.
$1908/1915 is a resistance and correction zone from the current rates. So, gold may drop as a correction for the $1908/1915 price zone. But if the Russia-Ukraine tension rises more, I think gold will consider neither a resistance zone nor a swing high instead. If it can break above the $1915, gold may test the $1925 price zone immediately.
From $1925, we may see a minor correction in deep, and it will be a buying opportunity. Our next target to the upside will be the $1950/1960 price zone, and the final target to the upside is $1995/2000.
On the other hand, if geopolitical tension de-accelerates bit or the market follows technical analysis, gold may drop to the $1868/1870 price zone from the current price. Breaking below $1868 will open the door for testing the $1830 price. But I think gold won't break below $1830 very soon unless Russia-Ukraine issues are wholly finished.
If you like my analysis, please like, comment, share, follow, and join me.
Trade closed: target reached
1st and 2nd Target Done..🤑🤑🤑Note
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