GOLD : New week
Updated
GOLD
New forecast
Gold achieved with us all the downward targets mentioned in my analyzes last week, and I mentioned that the movement would be strong to contradict the general downward channel, and this is what actually happened, so prices fell to the price equilibrium levels for gold, which extend from levels to 1845.
Last week, gold formed a weekly peak at the 1927 level, and gold breaking the 1916 level facilitated the downward path for gold to form a weekly bottom at the 1846 level.
As for the basic level:
1- The US dollar after the green light from the Federal Reserve on the possibility of raising the interest rate in the coming months of the current year, and the data supporting its rise against metals and other currencies.
2- A record rise in the rate of most US Treasury bond futures, which is considered a graveyard for gold.
3- The rise in oil prices this month and the US stockpile is days away from running out. (Will we witness a rise in prices if the US government decides to buy oil at current prices? This will inevitably lead to a rise in the inflation rate and thus a definite rise in the US interest rate)
We have important news this week
ISM Manufacturing PMI (September)
Federal Reserve Chairman Powell speaks
Job Opportunities (JOLTs) (August)
Unemployment complaints rates
Private sector employment report (September)
Unemployment rate (September)
Technical abstract :
In the 4H time frame
The price of gold continued to decline, breaking the 1873 level and closing the daily candle below it, as it succeeded in touching our new expected target at 1845. We expect the decline to continue once the 1845 level is broken and stabilize below it to achieve additional negative targets starting at 1825 and extending to 1810.
Therefore, the downward trend will remain valid and effective for the coming period, supported by the negative pressure formed by the downward channel and the strength of the dollar during this period, keeping in mind that breaching 1873 will stop the expected decline and lead the price to begin recovery attempts in the immediate term.
in the weekly time frame
As we see the price formed a strong support zone at 1800 - 1810 ,so we expect the price will try to touch it and then will bounces from that area and build a positive momentum to rise up and and reach to 1873 to coming out from under negative pressure ,keeping in mind that breaching 1800 the price will be continue at the bearish trend until 1772.
https://www.tradingview.com/x/3rOPHOxL/
support line : 1810 , 1800
resistance line : 1873 , 1894
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
New forecast
Gold achieved with us all the downward targets mentioned in my analyzes last week, and I mentioned that the movement would be strong to contradict the general downward channel, and this is what actually happened, so prices fell to the price equilibrium levels for gold, which extend from levels to 1845.
Last week, gold formed a weekly peak at the 1927 level, and gold breaking the 1916 level facilitated the downward path for gold to form a weekly bottom at the 1846 level.
As for the basic level:
1- The US dollar after the green light from the Federal Reserve on the possibility of raising the interest rate in the coming months of the current year, and the data supporting its rise against metals and other currencies.
2- A record rise in the rate of most US Treasury bond futures, which is considered a graveyard for gold.
3- The rise in oil prices this month and the US stockpile is days away from running out. (Will we witness a rise in prices if the US government decides to buy oil at current prices? This will inevitably lead to a rise in the inflation rate and thus a definite rise in the US interest rate)
We have important news this week
ISM Manufacturing PMI (September)
Federal Reserve Chairman Powell speaks
Job Opportunities (JOLTs) (August)
Unemployment complaints rates
Private sector employment report (September)
Unemployment rate (September)
Technical abstract :
In the 4H time frame
The price of gold continued to decline, breaking the 1873 level and closing the daily candle below it, as it succeeded in touching our new expected target at 1845. We expect the decline to continue once the 1845 level is broken and stabilize below it to achieve additional negative targets starting at 1825 and extending to 1810.
Therefore, the downward trend will remain valid and effective for the coming period, supported by the negative pressure formed by the downward channel and the strength of the dollar during this period, keeping in mind that breaching 1873 will stop the expected decline and lead the price to begin recovery attempts in the immediate term.
in the weekly time frame
As we see the price formed a strong support zone at 1800 - 1810 ,so we expect the price will try to touch it and then will bounces from that area and build a positive momentum to rise up and and reach to 1873 to coming out from under negative pressure ,keeping in mind that breaching 1800 the price will be continue at the bearish trend until 1772.
https://www.tradingview.com/x/3rOPHOxL/
support line : 1810 , 1800
resistance line : 1873 , 1894
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Note
GOLDUPDATE
The price perfectly fulfills my last idea and price reached to 1831 so we get profit about +170 pip.
Now , the price confirm the bearish trend after breached the 1848 level so now should stable under 1830 and then will open the way to our target .
today news will affect on the market .
The expect range trading for today it will be between resistance line 1845 and support line 1825 until stabilized .
support line : 1830 , 1825
resistance line : 1840 , 1848
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