RLinda ! GOLD-> Bulls break through MONTHLY & WEEKLY resistance
Gold is trading in a bullish channel and at the moment the price is squeezed in a sideways range between 1765.5-1727.85. The price is pulling back to the support zone, but the global charts are showing a bullish mood. What to expect.
(Chart1. Monthly timeframe. Testing of important support lines followed by momentum shows a bullish mood in the market)
If we draw the key trend lines from the minimum and maximums, we get quite a strong support zone, which the price has been testing for three months.
After positive fundamentals emerge in the economic and geopolitical environment, the price makes a momentum and gives us new hope for a potentially huge rise.
Fed policymakers have agreed that it would be prudent to slow the pace of rate hikes. Gold could jump to $1,790 to $1,820 by the end of December due to safe-haven demand and a weaker dollar on the back of the Fed's accommodative policy.
Increased recessionary and geopolitical risks in 2023, solid physical demand in emerging markets and record high central bank purchases indicate that gold may still outperform real rates.
(Chart2. Weekly timeframe. Technical analysis with global cod lines. bulls are showing strength and trying to gain a foothold in the long zone)
Weekly chart.
Investors are getting interested in buying on the fundamentals, which opens up opportunities to strengthen the price. A new Fed press release is coming and if there are positive notes, gold could easily and quickly head towards 1900-2000.
(Chart3. Daily timeframe. Formation of a global reversal pattern).
The daily timeframe draws a very interesting situation, namely the emergence of a global reversal pattern. The last three days have been bullish, and the gold is strengthening to 1762, which is a bullish signal for the further trend direction.
The daily RSI is in the green zone and so is the daily MACD.
Hourly timeframe:
The price is in a local range and after testing the zone near resistance 1765 is heading towards the support of the ascending price channel. I expect the price to descend to 1740 in the near future.
From the support zone, the strengthening of the gold price may continue, in which case our target will be the resistance of 1765 and the next zone, 1807.9
Regards R.Linda!
(Chart1. Monthly timeframe. Testing of important support lines followed by momentum shows a bullish mood in the market)
If we draw the key trend lines from the minimum and maximums, we get quite a strong support zone, which the price has been testing for three months.
After positive fundamentals emerge in the economic and geopolitical environment, the price makes a momentum and gives us new hope for a potentially huge rise.
Fed policymakers have agreed that it would be prudent to slow the pace of rate hikes. Gold could jump to $1,790 to $1,820 by the end of December due to safe-haven demand and a weaker dollar on the back of the Fed's accommodative policy.
Increased recessionary and geopolitical risks in 2023, solid physical demand in emerging markets and record high central bank purchases indicate that gold may still outperform real rates.
(Chart2. Weekly timeframe. Technical analysis with global cod lines. bulls are showing strength and trying to gain a foothold in the long zone)
Weekly chart.
- The third candle from the end forms the strongest impulse, which practically makes up the whole weekly candle body.
- The last bearish candle forms a pullback to the previously broken strong boundary of the two trend lines.
- This week points to a possible price consolidation in the long zone. This will happen if the bulls can win this local struggle.
Investors are getting interested in buying on the fundamentals, which opens up opportunities to strengthen the price. A new Fed press release is coming and if there are positive notes, gold could easily and quickly head towards 1900-2000.
(Chart3. Daily timeframe. Formation of a global reversal pattern).
The daily timeframe draws a very interesting situation, namely the emergence of a global reversal pattern. The last three days have been bullish, and the gold is strengthening to 1762, which is a bullish signal for the further trend direction.
The daily RSI is in the green zone and so is the daily MACD.
Hourly timeframe:
The price is in a local range and after testing the zone near resistance 1765 is heading towards the support of the ascending price channel. I expect the price to descend to 1740 in the near future.
From the support zone, the strengthening of the gold price may continue, in which case our target will be the resistance of 1765 and the next zone, 1807.9
Regards R.Linda!
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