I would expect from a technical aspect for gold to fall in price - we are contesting a high timeframe resistance level which also doubles as a market structure 'lower high' and for this to be claimed with confidence I would personally like to see a strong Daily candle close below 1875 to confirm a downtrend continuation. With this I would also like to see some pressure above this level to further confirm the idea of a downtrend continuing. At this resistance level the high currently stands at 1879.130. If buying pressure can not sweep this high, this would add more confidence of sell pressure to continue. I expect sell pressure to continue to around 1830, and if downward pressure continues, 1790 would be an area to consider on a long term timeframe.
On the flip side, buying pressure could resume. Should the current resistance high be swept with a confident daily candle close, I would like to see a retest around this area to flip resistance to support and allow price to continue higher. Potential moves higher would simply be level by level, sweeping the previous Daily highs created from before May 6th 2022.
CPI will hit this week and since NFP created a large move last week, I do predict this will swing price to maybe break this resistance level or fall in price heavily due to the volatile nature of news events.
On the flip side, buying pressure could resume. Should the current resistance high be swept with a confident daily candle close, I would like to see a retest around this area to flip resistance to support and allow price to continue higher. Potential moves higher would simply be level by level, sweeping the previous Daily highs created from before May 6th 2022.
CPI will hit this week and since NFP created a large move last week, I do predict this will swing price to maybe break this resistance level or fall in price heavily due to the volatile nature of news events.
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.