Bullish gold update
After last Fridays 1000pip drop created by cpi and China we can see gold has broken out of weekly support and retested. Friday we saw the break of resistance going back into the old daily consolidation zone.
What dose this mean for next week? Firstly Monday candle is very important. Gold has broken 2324 and remained above. We need to see a push up wards and a retest of this zone before any continuation to the upside. Breaking back under this zone means we are bearish back to 2300 to 2286 levels. Expect to consolidate back in this daily zone. Gold has many confluence and resistance from 2340. This should push us back down to test daily support before a push to break the 2360 zone. Interday trades will be taking set ups here to target 2400. Bulls will want to keep above 2330.
Levels and things to watch next week. There is a downtrend in side the weekly consolidation matching levels of resistance and in line with 4 candle meet and daily engulfing. So expect a push down from there which is 2340 to 2357 area. back to 2330 to 2326.
Weekly showing a head and shoulders pattern forming also. Some thing to keep an eye on. Clean rejections of 2392 would suggest the final shoulder to complete the pattern for the bigger retracement. Also notice this is perfectly inline with the daily fvg and around 50% of the fvg there's a 4hr candle meet at same level of 2392. Big confluence for a sell off.
Fundermentals
Gold moving higher on French policies risk factors. China buying the dip after last Friday gold mining get harder to source. And still tentions and war. These are indicators for more bullish activity.
What dose this mean for next week? Firstly Monday candle is very important. Gold has broken 2324 and remained above. We need to see a push up wards and a retest of this zone before any continuation to the upside. Breaking back under this zone means we are bearish back to 2300 to 2286 levels. Expect to consolidate back in this daily zone. Gold has many confluence and resistance from 2340. This should push us back down to test daily support before a push to break the 2360 zone. Interday trades will be taking set ups here to target 2400. Bulls will want to keep above 2330.
Levels and things to watch next week. There is a downtrend in side the weekly consolidation matching levels of resistance and in line with 4 candle meet and daily engulfing. So expect a push down from there which is 2340 to 2357 area. back to 2330 to 2326.
Weekly showing a head and shoulders pattern forming also. Some thing to keep an eye on. Clean rejections of 2392 would suggest the final shoulder to complete the pattern for the bigger retracement. Also notice this is perfectly inline with the daily fvg and around 50% of the fvg there's a 4hr candle meet at same level of 2392. Big confluence for a sell off.
Fundermentals
Gold moving higher on French policies risk factors. China buying the dip after last Friday gold mining get harder to source. And still tentions and war. These are indicators for more bullish activity.
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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.
Related publications
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.