Analysis Summary
1. Trend Analysis:
• The Daily chart shows a strong uptrend, with price making higher highs and higher lows.
• The 15-minute chart supports the uptrend with a series of pullbacks and continuations.
• The 3-minute chart shows some volatility but confirms higher support levels.
2. Technical Indicators:
• MACD (Daily): Strong bullish momentum.
• RSI (Daily at 74.59): Overbought but not showing reversal signals.
• Moving Averages: Price is riding above short-term MAs, indicating continued buying pressure.
3. Fundamental Analysis:
• Gold is in a strong uptrend due to market uncertainty and demand for safe-haven assets.
• U.S. economic data, interest rate outlook, and inflation trends remain supportive of gold’s rally.
Trade Setup
• Position: Long
• Entry: $2860 (Buy on a slight dip)
• Stop-Loss (SL): $2845 (Below recent support)
• Take-Profit (TP): $2890 (Aligned with the trend and recent highs)
• Risk-Reward Ratio: 2:1
Conclusion
• Bias: Strongly bullish
• Probability of success: High, as long as gold maintains momentum above $2850
• Risk: If price breaks below $2845, further downside correction is possible.
1. Trend Analysis:
• The Daily chart shows a strong uptrend, with price making higher highs and higher lows.
• The 15-minute chart supports the uptrend with a series of pullbacks and continuations.
• The 3-minute chart shows some volatility but confirms higher support levels.
2. Technical Indicators:
• MACD (Daily): Strong bullish momentum.
• RSI (Daily at 74.59): Overbought but not showing reversal signals.
• Moving Averages: Price is riding above short-term MAs, indicating continued buying pressure.
3. Fundamental Analysis:
• Gold is in a strong uptrend due to market uncertainty and demand for safe-haven assets.
• U.S. economic data, interest rate outlook, and inflation trends remain supportive of gold’s rally.
Trade Setup
• Position: Long
• Entry: $2860 (Buy on a slight dip)
• Stop-Loss (SL): $2845 (Below recent support)
• Take-Profit (TP): $2890 (Aligned with the trend and recent highs)
• Risk-Reward Ratio: 2:1
Conclusion
• Bias: Strongly bullish
• Probability of success: High, as long as gold maintains momentum above $2850
• Risk: If price breaks below $2845, further downside correction is possible.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.