Gold- An important close for the week
If you've been following my XauUsd analyses this week, you'll know that I'm bullish and anticipating a rise in Gold to 1980 in the medium term. While this outlook remains unchanged, recent price action this week has prompted some noteworthy observations:
As depicted on the chart, Gold began the week on an optimistic note but started to decline after touching the 1950 resistance zone. Yesterday, the price also reached the lower boundary of the range, at the 1915 zone, which serves as horizontal support. As of the current moment, it's trading at 1927, roughly in the middle of this range, leaving room for various possibilities.
As the title suggests, this week's closing is of great significance. If the bulls manage to regain control today and drive the price back above 1940, the likelihood of a break above 1950 becomes quite high, which would expose my 1980 target as a probable outcome.
Conversely, a weekly close below 1915 or in close proximity to that level would exert downward pressure on the price. In such a scenario, we could anticipate a drop below 1900, heading towards the 1885 support level in the coming week.
To sum it up, my bullish bias remains unchanged, but, as I've explained, further confirmation hinges on the price staying above 1940.
Best of luck and happy trading!
Mihai Iacob
As depicted on the chart, Gold began the week on an optimistic note but started to decline after touching the 1950 resistance zone. Yesterday, the price also reached the lower boundary of the range, at the 1915 zone, which serves as horizontal support. As of the current moment, it's trading at 1927, roughly in the middle of this range, leaving room for various possibilities.
As the title suggests, this week's closing is of great significance. If the bulls manage to regain control today and drive the price back above 1940, the likelihood of a break above 1950 becomes quite high, which would expose my 1980 target as a probable outcome.
Conversely, a weekly close below 1915 or in close proximity to that level would exert downward pressure on the price. In such a scenario, we could anticipate a drop below 1900, heading towards the 1885 support level in the coming week.
To sum it up, my bullish bias remains unchanged, but, as I've explained, further confirmation hinges on the price staying above 1940.
Best of luck and happy trading!
Mihai Iacob
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