GOLD Analysis 23/06/24
Current Price and Trend:
Gold is trading around $2,321.87.
The price is moving within a rising channel, suggesting a bullish trend.
Support and Resistance Levels:
Support Levels:
$2,300: Psychological support level.
$2,286.83: Key support zone indicated by the green box.
Resistance Levels:
$2,338.78: Immediate resistance.
$2,399.70 - $2,450.13: Strong resistance zone highlighted in red.
Technical Indicators:
The price recently tested the upper boundary of the channel and has pulled back.
The moving average (yellow line) is acting as dynamic support.
Fibonacci Retracement:
The Fibonacci retracement levels of 127% ($2,291.49) and 138% ($2,284.83) are key levels to watch for potential bounce-backs.
Projected Movement:
If the price breaks below the current support levels around $2,286.83, it may test lower Fibonacci levels at 161.8% ($2,270.41) and 175% ($2,262.42).
Conversely, a bounce from current levels could see the price testing the upper resistance zones again.
Impact of New Dollar News:
Stronger Dollar Impact:
Recent news indicates a stronger dollar, which typically puts pressure on gold prices [3].
If dollar strength continues, gold might break below the key support levels and head towards the lower Fibonacci retracement levels.
Weaker Economic Data:
Recent weaker-than-expected NFP and ISM services PMI data may limit the dollar's strength, potentially supporting gold prices in the short term [5].
Conclusion:
Bullish Scenario: If gold holds above the support levels and the dollar weakens, expect a potential move towards the $2,338.78 resistance.
Bearish Scenario: If gold breaks below $2,286.83 due to dollar strength, expect further declines towards $2,270.41 or lower.
Gold is trading around $2,321.87.
The price is moving within a rising channel, suggesting a bullish trend.
Support and Resistance Levels:
Support Levels:
$2,300: Psychological support level.
$2,286.83: Key support zone indicated by the green box.
Resistance Levels:
$2,338.78: Immediate resistance.
$2,399.70 - $2,450.13: Strong resistance zone highlighted in red.
Technical Indicators:
The price recently tested the upper boundary of the channel and has pulled back.
The moving average (yellow line) is acting as dynamic support.
Fibonacci Retracement:
The Fibonacci retracement levels of 127% ($2,291.49) and 138% ($2,284.83) are key levels to watch for potential bounce-backs.
Projected Movement:
If the price breaks below the current support levels around $2,286.83, it may test lower Fibonacci levels at 161.8% ($2,270.41) and 175% ($2,262.42).
Conversely, a bounce from current levels could see the price testing the upper resistance zones again.
Impact of New Dollar News:
Stronger Dollar Impact:
Recent news indicates a stronger dollar, which typically puts pressure on gold prices [3].
If dollar strength continues, gold might break below the key support levels and head towards the lower Fibonacci retracement levels.
Weaker Economic Data:
Recent weaker-than-expected NFP and ISM services PMI data may limit the dollar's strength, potentially supporting gold prices in the short term [5].
Conclusion:
Bullish Scenario: If gold holds above the support levels and the dollar weakens, expect a potential move towards the $2,338.78 resistance.
Bearish Scenario: If gold breaks below $2,286.83 due to dollar strength, expect further declines towards $2,270.41 or lower.
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.