Gold for 2440 next week
The weekly chart shows gold is in an uptrend.
Cloud - thick, green . Span A pointing up and Span B is flat.
Tenkan is above Kijun and both pointing up at 45 degrees.
Chikou is in free space above the cloud.
Price is significantly above Tenkan Sen. It has formed 2 weekly candles with small real bodies.
The buyers cannot shift price much above 2500.
The daily chart shows the current swing is 2352 - 2533. If we take a Fibonacci retracement , the optimal levels to consider sees price at 24-21 - 2442.
The 20 ma>50ma>200 ma channel , reflecting the uptrend. The 50 ema is in this confluent zone.
Structural support comes in around 2440.
RSI - both the daily and weekly charts reflect a bearish divergence.
I am wondering if the sellers take control early next week and shift price to 2240.
Cloud - thick, green . Span A pointing up and Span B is flat.
Tenkan is above Kijun and both pointing up at 45 degrees.
Chikou is in free space above the cloud.
Price is significantly above Tenkan Sen. It has formed 2 weekly candles with small real bodies.
The buyers cannot shift price much above 2500.
The daily chart shows the current swing is 2352 - 2533. If we take a Fibonacci retracement , the optimal levels to consider sees price at 24-21 - 2442.
The 20 ma>50ma>200 ma channel , reflecting the uptrend. The 50 ema is in this confluent zone.
Structural support comes in around 2440.
RSI - both the daily and weekly charts reflect a bearish divergence.
I am wondering if the sellers take control early next week and shift price to 2240.
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