Bearish week ahead for Gold
Bearish week ahead for Gold
By the begging of the May 2023, the Gold Spot once again tried to reach the ATH resistance at app. 2070,00, same as it did in August 2020, and March 2022, but it failed breaching it.
The first time the Price action rejected the previously mentioned resistance in 2020, the Gold managed to lose app. 200,00 Points in the following two weeks.
The very same thing happened from 9th till the end of March 2022, when the Price action once again rejected the 2070,00 resistance, ending up in Gold losing app. 130,00 Points in the following two weeks.
As Gold usually repeats its cycles, I hugely expect it to happen once again.
As there are no any major fundamental events that could possibly affect the markets this week, except the Retail Sales and the Initial Jobless Claim reports (which I hugely think will be bullish for the Dollar, as the Feds rate hikes are much more affecting the markets, weakening the consumers spending and increasing further the unemployment), I hugely expect the meltdown on the Golds Price to happen very soon.
As shown on my chart, the Fibbonaci retracement perfectly suits the previously formed supports and resistances on h4 chart.
The 2000,00 still represents great support zone, which will most likely be tested and broken very soon. If it happens , the Price Action will pursue the 1987,00 and 1977,00 Aprils support definitely.
The Smoothed moving average also confirms the following bullish trend, with SMA10 and SMA20 creating the bullish cross.
I still do think that on early EU session there might be some buying pressure, so 2019,00-2022,00 and 2027,00 resistance can be great Sell zones. I will carefully monitor the market on tomorrows EU session and will engage set of selling orders if Price action breaches the 2000,00 strong support, or if I see the rejection out of previously mentioned resistance zones. pursuing the 1987,00 at first, 1977,00 in extension and finally the long expected 1950,00 support.
By the begging of the May 2023, the Gold Spot once again tried to reach the ATH resistance at app. 2070,00, same as it did in August 2020, and March 2022, but it failed breaching it.
The first time the Price action rejected the previously mentioned resistance in 2020, the Gold managed to lose app. 200,00 Points in the following two weeks.
The very same thing happened from 9th till the end of March 2022, when the Price action once again rejected the 2070,00 resistance, ending up in Gold losing app. 130,00 Points in the following two weeks.
As Gold usually repeats its cycles, I hugely expect it to happen once again.
As there are no any major fundamental events that could possibly affect the markets this week, except the Retail Sales and the Initial Jobless Claim reports (which I hugely think will be bullish for the Dollar, as the Feds rate hikes are much more affecting the markets, weakening the consumers spending and increasing further the unemployment), I hugely expect the meltdown on the Golds Price to happen very soon.
As shown on my chart, the Fibbonaci retracement perfectly suits the previously formed supports and resistances on h4 chart.
The 2000,00 still represents great support zone, which will most likely be tested and broken very soon. If it happens , the Price Action will pursue the 1987,00 and 1977,00 Aprils support definitely.
The Smoothed moving average also confirms the following bullish trend, with SMA10 and SMA20 creating the bullish cross.
I still do think that on early EU session there might be some buying pressure, so 2019,00-2022,00 and 2027,00 resistance can be great Sell zones. I will carefully monitor the market on tomorrows EU session and will engage set of selling orders if Price action breaches the 2000,00 strong support, or if I see the rejection out of previously mentioned resistance zones. pursuing the 1987,00 at first, 1977,00 in extension and finally the long expected 1950,00 support.
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