Bullish Soars and Breaking News Roars: Gold's Week Above 2006
Updated
Hello Everyone,
On Friday, just before the market closed, we witnessed a daily and weekly low at 1994.71, with our monthly low recorded at 1931.775. The key for XAU/USD is to sustain a stable position above 2006.693, signaling potential upside. Conversely, a comfortable descent below this level could indicate further downside. Currently, gold appears to be a short-term sell but holds promise for a long-term buy (within the 4-hour to 1-year time frame).
The monthly pivot point at 2006.693 is poised for testing, and the ensuing price reaction will guide our decisions on optimal long positions. Exercise caution and keep a close eye on the trigger finger, as unpredictable volatility is expected to persist. Despite a bullish spike towards the monthly pivot point, the potential for bearish movements in the short term cannot be dismissed. As of now, we'll consider the daily and weekly low points as indicators of a support structure, pending any evidence to the contrary.
Don't forget to hit that Boost button to support us!
TradeWithTheTrend3344
On Friday, just before the market closed, we witnessed a daily and weekly low at 1994.71, with our monthly low recorded at 1931.775. The key for XAU/USD is to sustain a stable position above 2006.693, signaling potential upside. Conversely, a comfortable descent below this level could indicate further downside. Currently, gold appears to be a short-term sell but holds promise for a long-term buy (within the 4-hour to 1-year time frame).
The monthly pivot point at 2006.693 is poised for testing, and the ensuing price reaction will guide our decisions on optimal long positions. Exercise caution and keep a close eye on the trigger finger, as unpredictable volatility is expected to persist. Despite a bullish spike towards the monthly pivot point, the potential for bearish movements in the short term cannot be dismissed. As of now, we'll consider the daily and weekly low points as indicators of a support structure, pending any evidence to the contrary.
Don't forget to hit that Boost button to support us!
TradeWithTheTrend3344
Note
As of the latest update, the current support levels are as follows:1-hour chart:
1980.129
1979.943
1979.757
1979.198 appears to be a robust support based on the 1-hour chart structure. It is advisable to exercise patience and monitor the situation.
4-hour chart:
1976.66
1975.506
1974.351
1970.888
1-day chart:
1979.037
1976.109
1973.181
1964.398
1-week chart:
1990.562
1976.39
1962.217
1919.699
1-month chart:
The support levels remain consistent with the last noted support at 1970.135.
It is recommended to observe the market dynamics and exercise patience to assess how the situation unfolds.
Note
Bullish movement is right on time!Note
This week, we experienced a substantial positive movement in the market, capturing gains from 1973 to 2047. However, my current outlook suggests a potential shift to bearish conditions again before a subsequent bullish trend, similar to what we've seen in the past. Wishing everyone a fantastic weekend!
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