Bullish week for the Gold ahead of us
Bullish week for the Gold ahead of us
The Gold is currently trading within healthy bullish rectangle from the very same beginning of Year 2023, and I see no way for turnaround till the end of January. During the previous week, DX- the main counter correlating asset for XAUUSD, did not make any major move and managed to trade neutral both on Daily and H4 candlestick charts, while the Gold still managed to achieve certain gains. As three big fundamental events that could possibly move the markets are in front of us, which represent Tuesdays Manufacturing PMI report, Thursdays US Q GDP report and Tech earnings report, which will most probably be bearish for the USD as big tech companies had termination of employees contracts and expectations for the Q GDP report to be lower than expected, I see no other way for Gold than to achieve greater highs.
The price of gold is currently 1925,66, while the 1935-1938 represent the first late March and early April 2022 resistance zone. Every time price action managed to breach the previously mentioned resistance, it gained momentum toward the second 1945 resistance marked on my chart, as could be seen on historical h4 chart on 17th, 23rd, 28th and 31st March 2022, which I hugely expect to happen throughout the following week.
I will carefully monitor the fundamental event results and see how they affect the DXY and S&P charts and only if I get confirmation from both charts and Gold piercing through the first resistance will engage buying order pursuing the 1962 resistance.
The Gold is currently trading within healthy bullish rectangle from the very same beginning of Year 2023, and I see no way for turnaround till the end of January. During the previous week, DX- the main counter correlating asset for XAUUSD, did not make any major move and managed to trade neutral both on Daily and H4 candlestick charts, while the Gold still managed to achieve certain gains. As three big fundamental events that could possibly move the markets are in front of us, which represent Tuesdays Manufacturing PMI report, Thursdays US Q GDP report and Tech earnings report, which will most probably be bearish for the USD as big tech companies had termination of employees contracts and expectations for the Q GDP report to be lower than expected, I see no other way for Gold than to achieve greater highs.
The price of gold is currently 1925,66, while the 1935-1938 represent the first late March and early April 2022 resistance zone. Every time price action managed to breach the previously mentioned resistance, it gained momentum toward the second 1945 resistance marked on my chart, as could be seen on historical h4 chart on 17th, 23rd, 28th and 31st March 2022, which I hugely expect to happen throughout the following week.
I will carefully monitor the fundamental event results and see how they affect the DXY and S&P charts and only if I get confirmation from both charts and Gold piercing through the first resistance will engage buying order pursuing the 1962 resistance.
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