Gold's Trends: Mixed Yet Positive
Updated
Greetings,
Presently, there is a robust foundation of support forming, with four distinct support levels evident on the Daily timeframe: 1887.732, 1886.043, 1884.354, and 1879.289. This accumulation of supports indicates a clear direction for the next market move. However, it's important to note that the lingering effects of the COVID-19 pandemic continue to influence our circumstances, necessitating a preparedness for both favorable and adverse outcomes.
For a comprehensive analysis of the trend, we will examine various timeframes, starting from yearly down to 1-minute, in order to gain a holistic perspective. The overarching trend across different timeframes from 1 year to 1 min is as follows:
1 Year: A state of neutrality with short-term bullish potential, along with medium-term bullish tendencies, although the long-term bearish trend may be waning.
1 Month: A similar neutral stance with short-term bullish possibilities, potential weakening of short-term bullishness, medium-term bullish sentiment, and a long-term bearish trend that could be weakening.
1 Week: Overall neutral position, short-term bearish inclination, potential weakening of medium-term bullishness, and a steadfast long-term bullish outlook.
1 Day: Currently bearish, with short, medium, and long-term projections aligned in the bearish direction.
4 Hours, 1 Hour, 30 Minutes, 15 Minutes, 5 Minutes, and 1 Minutes: Consistently bearish across these timeframes, with varying degrees of short, medium, and long-term bearishness.
Amidst this analysis, it's noteworthy that on the weekly, monthly, and yearly timeframes, there remains a compelling argument for a bullish scenario. This aligns with our overarching long-term bullish perspective.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
Presently, there is a robust foundation of support forming, with four distinct support levels evident on the Daily timeframe: 1887.732, 1886.043, 1884.354, and 1879.289. This accumulation of supports indicates a clear direction for the next market move. However, it's important to note that the lingering effects of the COVID-19 pandemic continue to influence our circumstances, necessitating a preparedness for both favorable and adverse outcomes.
For a comprehensive analysis of the trend, we will examine various timeframes, starting from yearly down to 1-minute, in order to gain a holistic perspective. The overarching trend across different timeframes from 1 year to 1 min is as follows:
1 Year: A state of neutrality with short-term bullish potential, along with medium-term bullish tendencies, although the long-term bearish trend may be waning.
1 Month: A similar neutral stance with short-term bullish possibilities, potential weakening of short-term bullishness, medium-term bullish sentiment, and a long-term bearish trend that could be weakening.
1 Week: Overall neutral position, short-term bearish inclination, potential weakening of medium-term bullishness, and a steadfast long-term bullish outlook.
1 Day: Currently bearish, with short, medium, and long-term projections aligned in the bearish direction.
4 Hours, 1 Hour, 30 Minutes, 15 Minutes, 5 Minutes, and 1 Minutes: Consistently bearish across these timeframes, with varying degrees of short, medium, and long-term bearishness.
Amidst this analysis, it's noteworthy that on the weekly, monthly, and yearly timeframes, there remains a compelling argument for a bullish scenario. This aligns with our overarching long-term bullish perspective.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
Note
Bullish Targets:1892.198
1895.055
1897.913
1906.486
Bearish Target:
1888
Note
Bearish Target @ 1888 DoneNote
Bullish Target @ 1892.198 DoneNote
Bullish Targets @ 1895.055, 1897.913 DoneNote
Gold has successfully maintained a position above $1892.687, indicating potential for further upward growth in its price.Note
Gold has achieved a notable milestone by reaching 1904.51. Anticipating a decline to the 1890 range, which could potentially pave the way for future upward movements. It is worth noting that should gold manage to establish itself below the 1888 level, there might be potential for another drop.Note
Bullish Target @ 1906.486 DoneNote
Be advised about the upcoming Jackson Hole Symposium; exercise added caution. This occasion is exclusive to select participants, so consider reducing your trade volume if you intend to engage in trading during the Jackson Hole event.Note
Given the busy calendar today, it's crucial to proceed with caution and thoughtful decision-making. If trading jitters are affecting you, opt for smaller lot sizes and only invest an amount you're completely at ease with losing. Your focus should be on prudent risk management.Note
What an incredible week! Wishing everyone a great weekend ahead.
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.