Charting the New Year: Gold Trends, Support, and Pathways Ahead
Updated
Hi Everyone,
I hope everyone had a satisfactory Christmas, and I extend my best wishes for a smooth transition into the new year! Currently, the weekly low is positioned at 2053.53, and the monthly low is at 1973.15. Examining the daily support structure, we observe robust support at 2053.763, while the weekly support is notably strong at 2043.338. Make sure to hover over the anchored text points to discern expectations if the price approaches or surpasses specific levels. The potential paths ahead are delineated based on the daily (1D) and monthly (1M) support structures. Regardless of the direction, exercising patience and avoiding hasty decisions is always advised.
In recent developments, noteworthy news in the gold market adds a layer of complexity to the analysis. Stay informed about the latest market trends and news to make well-informed decisions.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
I hope everyone had a satisfactory Christmas, and I extend my best wishes for a smooth transition into the new year! Currently, the weekly low is positioned at 2053.53, and the monthly low is at 1973.15. Examining the daily support structure, we observe robust support at 2053.763, while the weekly support is notably strong at 2043.338. Make sure to hover over the anchored text points to discern expectations if the price approaches or surpasses specific levels. The potential paths ahead are delineated based on the daily (1D) and monthly (1M) support structures. Regardless of the direction, exercising patience and avoiding hasty decisions is always advised.
In recent developments, noteworthy news in the gold market adds a layer of complexity to the analysis. Stay informed about the latest market trends and news to make well-informed decisions.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
Note
We're currently on course, and now it's a matter of waiting patiently to observe where the market will find its bottom.Note
We are seeking a decisive move beyond the weekly pivot point at 2068.138, with a focus on both the cross and lock, anticipating further upward momentum. However, it's crucial to note that if this attempt proves unsuccessful, a downside correction may precede any potential upward movement.Note
It appears that there is a robust daily support level at 2046.44. If the price holds at this level or increases, it could present a favorable opportunity for entering a long position. Keep a close eye on the market movement, and if the price maintains or rises above this support level, it might be a promising entry point for a long position.Note
Keep the daily pivot point at 2064.67 in mind. Just a quick reminder: Pivot points aid in recognizing potential support and resistance levels—areas where the price may potentially alter its course.Note
We will adopt a wait-and-see approach to discern the level at which gold identifies support. It's crucial to be on high alert for increased volatility, particularly in light of the forthcoming news releases.Note
After surpassing the 1M Pivot Point of 2061.78, we've successfully entered our predicted zone (2043-2030). Now, it's crucial to exercise patience and closely observe how the price behaves around the 2030 zone. This period of monitoring will provide valuable insights into the market dynamics and help us make informed decisions based on the price action within this range.Note
Consider the previously shared analysis in the event that the threshold of 2030.69 is exceeded.
Note
Updated daily support levels are as follows: 2038.375, 2035.134, 2031.894, and 2022.172. The pivot point for the day is identified at 2046.115.For the 4-hour timeframe, the support levels are recorded at 2039.197, 2038.099, 2037.001, and 2033.706. Meanwhile, the pivot point for this shorter timeframe is determined to be 2043.368.
Note
Have a great weekend everyone !
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.