Gold's Robust Bullish Trend
Updated
Hello,
Despite recent declines in the gold price, there are clear indications of overall strength in the market. Gold's bullish trend appears robust across the short, medium, and long terms when analyzed on a 1-day time interval. The market sentiment aligns with this view, as the majority of participants also hold a long-term bullish perspective. Both the Simple Moving Average (SMA) and Exponential Moving Average (EMA) support a positive outlook, with bullish averages observed from the 5-200 SMA and EMA on the 1-day chart.
Currently, an important pivot point looms at 1956, holding the key to potential price growth or a slight decline towards the 1935 level. A bearish scenario may materialize if the price remains below 1956, while a bullish confirmation could be seen if the price stays above 1956 and subsequently locks above 1962. Notably, the 1956 price level has already witnessed a swift rejection.
In summary, the short-term trend for gold is currently bullish but potentially weakening, while the medium and long-term trends continue to show strength and optimism.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
Despite recent declines in the gold price, there are clear indications of overall strength in the market. Gold's bullish trend appears robust across the short, medium, and long terms when analyzed on a 1-day time interval. The market sentiment aligns with this view, as the majority of participants also hold a long-term bullish perspective. Both the Simple Moving Average (SMA) and Exponential Moving Average (EMA) support a positive outlook, with bullish averages observed from the 5-200 SMA and EMA on the 1-day chart.
Currently, an important pivot point looms at 1956, holding the key to potential price growth or a slight decline towards the 1935 level. A bearish scenario may materialize if the price remains below 1956, while a bullish confirmation could be seen if the price stays above 1956 and subsequently locks above 1962. Notably, the 1956 price level has already witnessed a swift rejection.
In summary, the short-term trend for gold is currently bullish but potentially weakening, while the medium and long-term trends continue to show strength and optimism.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
Note
It appears highly probable that 1953.47 represents the bottom, signaling a potential upward trend from this juncture. Nevertheless, exercising caution and prudence is advisable in managing such situations. It is recommended to exercise patience and wait for further developments before taking any significant actions.Note
Bullish targets:1965.685
1969.505
1973.326
1984.786
Note
1st Target done @ 1965.685Note
2nd Target done @ 1969.505Note
3rd Target done @ 1973.326Note
Everything is going according to plan, but there may be fluctuations in both directions. Nonetheless, the overall projection remains optimistic and bullish!Note
Due to an unforeseen decline, almost all existing plans are no longer viable. However, if 1944 functions as a support level, there may be a chance for a rebound from this point.Note
Even with the recent decline, Gold 🥇 remains Bullish!Note
Gold closed above the 1944 level, which is considered a positive sign. Analyzing different time frames, we can see some indications of a bullish trend. In the very short term (1m and 5m), the trend is bullish. In the short to medium term (15m, 30m, and 1H), the bearish trend may be losing strength. However, in the long term, the bearish trend is still present.It's essential to be extremely cautious at this point. Pay close attention to the 1944 level, as it could be critical. There might be a chance for a rebound, but it's not very strong at the moment. The 1W Simple Moving Average (SMA) and Exponential Moving Average (EMA) with 5-200 averages both indicate a bullish long-term trend, but it's also potentially weakening.
In summary, while there are some positive signs in the short to medium term, the overall market sentiment is still leaning towards a bearish trend. Exercise caution and closely monitor price movements around the 1944 level.
Note
Let's aim to hit our bullish targets again, but only if the price crosses and locks above 1950!Bullish targets:
1965.685
1969.505
1973.326
1984.786
Note
If the price crosses and locks below 1944, it may drop further to 1920-1910 levels.Note
Take profit for now! Price is going to test lower boundaries again. Another amazing week. Have a great weekend everyone!
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