Gold Weekly Analysis: Breaks Above TLR April (11 - 15), 2022
Updated
Technically, gold has again gone into bullish mode. However, there was no solid fundamental issue like going into gold bullish mode last week. But somehow, the gold breaks above the Near-Term Trendline Resistance level.
Although gold has broken above the trendline resistance, it will not be in long-term buy mode until gold stabilizes above $1951 ( Immediate Resistance Level).
As the market closed below the resistance level, there is a chance that gold may go into a downside correction if gold is unable to break above the strong resistance zone of the $1951 price zone.
But if somehow, gold manages to stabilize above the $1951, we must go long, and our first target will be $1975 (Immediate Resistance and Swing High). 2nd Target $1975 and Final Target $2000.
On the other hand, if gold goes into a downside correction in the next week, as I am expecting, It may drop to the $1935/1937 price zone. I think gold will bounce one more time from that level.
But as long as gold is above the $1915/1910 price zone, gold will still be considered an uptrend. An uptrend will be invalid if the gold price breaks below its strong support level of the $1915 price zone.
If gold breaks below the $1915/1910 price zone, we may see a big drop to the $1830 price zone. However, I am not expecting this to happen very soon, as long as Russia-Ukraine issues exist.
Instead, if the European Union added Ukraine to the Eurozone, it may be more problematic, and gold may test the $2000 price zone again. And most probably this is going to happen end of the month.
Although gold has broken above the trendline resistance, it will not be in long-term buy mode until gold stabilizes above $1951 ( Immediate Resistance Level).
As the market closed below the resistance level, there is a chance that gold may go into a downside correction if gold is unable to break above the strong resistance zone of the $1951 price zone.
But if somehow, gold manages to stabilize above the $1951, we must go long, and our first target will be $1975 (Immediate Resistance and Swing High). 2nd Target $1975 and Final Target $2000.
On the other hand, if gold goes into a downside correction in the next week, as I am expecting, It may drop to the $1935/1937 price zone. I think gold will bounce one more time from that level.
But as long as gold is above the $1915/1910 price zone, gold will still be considered an uptrend. An uptrend will be invalid if the gold price breaks below its strong support level of the $1915 price zone.
If gold breaks below the $1915/1910 price zone, we may see a big drop to the $1830 price zone. However, I am not expecting this to happen very soon, as long as Russia-Ukraine issues exist.
Instead, if the European Union added Ukraine to the Eurozone, it may be more problematic, and gold may test the $2000 price zone again. And most probably this is going to happen end of the month.
Note
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