Gold's Bearish Ride: News Impact Ahead!
Updated
Hello Everyone,
We are currently very close to the 6-month low point at 1846.365. The highest point reached in the last day was 1879.91, and during the week, it reached 1927.31. As of now, it appears that gold presents a selling opportunity in the medium term. The medium-term trend is notably bearish, so we should anticipate further declines before any significant upside movements. It's worth noting that gold seems to be oversold at the moment.
Last Friday, the market closed at 1848.62, significantly below the monthly support at S4, which is at 1895.514. This suggests a strong likelihood of bearish market conditions persisting in the medium term. It's crucial to keep an eye on upcoming news events, as they are likely to have a substantial impact in the coming week.
In these changing market conditions, it's important not to become overly attached to either the bearish or bullish side. Instead, let's adapt and work in harmony with the market's flow.
Our trading plan lays out a clear strategy for dealing with various market zones. Staying safe and taking profit between these zones is advisable, especially given the potential for high fluctuations during news-related periods.
If you have a moment, I'd greatly appreciate your support for my analysis. Your input is genuinely valuable.
TradeWithTheTrend3344
We are currently very close to the 6-month low point at 1846.365. The highest point reached in the last day was 1879.91, and during the week, it reached 1927.31. As of now, it appears that gold presents a selling opportunity in the medium term. The medium-term trend is notably bearish, so we should anticipate further declines before any significant upside movements. It's worth noting that gold seems to be oversold at the moment.
Last Friday, the market closed at 1848.62, significantly below the monthly support at S4, which is at 1895.514. This suggests a strong likelihood of bearish market conditions persisting in the medium term. It's crucial to keep an eye on upcoming news events, as they are likely to have a substantial impact in the coming week.
In these changing market conditions, it's important not to become overly attached to either the bearish or bullish side. Instead, let's adapt and work in harmony with the market's flow.
Our trading plan lays out a clear strategy for dealing with various market zones. Staying safe and taking profit between these zones is advisable, especially given the potential for high fluctuations during news-related periods.
If you have a moment, I'd greatly appreciate your support for my analysis. Your input is genuinely valuable.
TradeWithTheTrend3344
Note
First Target Down to 1830 DoneNote
It appears that, based on the current chart analysis, there is a possibility of a retest at the 1853.935 price level before any significant downward movement resumes. If the yellow metal successfully surpasses and maintains a position above this level, it is likely to pave the way for further upward momentum.Note
I anticipate a potential decline in the price of gold, possibly reaching the 1800 range. However, it's worth noting that there seems to be strong support around the 1812 level. If gold manages to close and sustain its position above 1830, we might witness further upward movement in its price.Note
Have a great weekend everyone! Another one down for the books!
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