Gold prediction and analasis for next week
Updated
Gold analysis for the coming week ahead
Key levels to watch for the coming week
Gold finished up closing at 2071.93 after making a new high of 2075.416 (Source OANDA charts)
Looking at the monthly chart we can see that Gold has previously been at these levels 4 times followed by a strong rejection.
Gold monthly chart
Looking at the monthly chart we see that this close is different we have 3 extremely bullish candles and no pull back which indicates to me that we have not finished this bull run yet.
Breaking down the charts on the lower time frames we see that price action gold trend appears bullish as the price has been moving steadily upwards.
Moving averages the SMA indicating an upward trend with a value of 1989.33 and the EMA showing an upward trend of 1986.2 the WMA is at 1997.21 all averages indicating a bullish trend
The RSI is indicating overbought currently at 72.69 suggesting the market may be overextended and a correction is due
MACD indicating a positive value of 25.41 signalling of 18.81 and histogram of 6.59 indicating bullish momentum and further upside
Stochastic RSI also suggesting overbought .
Ok that's all the technical s done but what does it all mean ?
Well overall trend on the daily is bullish , however giving the overbought conditions based on RSI indicators I would be cautious and consider the potential for a correction on the downside .
Here’s my chart for this week with key levels to watch out for
For an uptrend I’ll be looking at entering at 2080 , first TP 2087.5 , if we break here I would expect 2100 level and 2122 to follow .
On the downside
Ill look to enter at 2026 , expecting 2052, 2048 2035 (heavy support area)if we break expect 2020, 2015, 2000 again.
Key levels to watch for the coming week
Gold finished up closing at 2071.93 after making a new high of 2075.416 (Source OANDA charts)
Looking at the monthly chart we can see that Gold has previously been at these levels 4 times followed by a strong rejection.
Gold monthly chart
Looking at the monthly chart we see that this close is different we have 3 extremely bullish candles and no pull back which indicates to me that we have not finished this bull run yet.
Breaking down the charts on the lower time frames we see that price action gold trend appears bullish as the price has been moving steadily upwards.
Moving averages the SMA indicating an upward trend with a value of 1989.33 and the EMA showing an upward trend of 1986.2 the WMA is at 1997.21 all averages indicating a bullish trend
The RSI is indicating overbought currently at 72.69 suggesting the market may be overextended and a correction is due
MACD indicating a positive value of 25.41 signalling of 18.81 and histogram of 6.59 indicating bullish momentum and further upside
Stochastic RSI also suggesting overbought .
Ok that's all the technical s done but what does it all mean ?
Well overall trend on the daily is bullish , however giving the overbought conditions based on RSI indicators I would be cautious and consider the potential for a correction on the downside .
Here’s my chart for this week with key levels to watch out for
For an uptrend I’ll be looking at entering at 2080 , first TP 2087.5 , if we break here I would expect 2100 level and 2122 to follow .
On the downside
Ill look to enter at 2026 , expecting 2052, 2048 2035 (heavy support area)if we break expect 2020, 2015, 2000 again.
Note
Reached full take profit hope someone followed
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