Bullish Trend But Mixed Signals Call for Caution
Updated
Hello,
Last Friday, the price tested a support level at 1946 and then rose to a new Day high of 1963.56. Looking at the overall trend on the daily chart, it appears to be bullish. The simple moving average (SMA) is neutral in the short to medium term but bullish in the long term. On the other hand, the exponential moving average (EMA) suggests a bullish trend, especially with the recent crossover of the 5EMA, 10EMA, and 20EMA.
Considering this mixed picture, there could be a potential price drop before another rise, but it's not guaranteed. Right now, we should keep an eye on two important levels: the support at 1946 and the new day high level at 1964. If the price breaks and holds above 1964 or below 1946, it may signal further growth or a drop.
Remember, trading always involves risk, and no analysis can predict the future with certainty. It's essential to use risk management techniques and stay informed about market events that could influence the price. Good luck with your trading!
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
Bullish targets:
1965.685
1969.505
1973.326
1984.786
Bearish Targets:
1954.225
1950.404
1946.841
Last Friday, the price tested a support level at 1946 and then rose to a new Day high of 1963.56. Looking at the overall trend on the daily chart, it appears to be bullish. The simple moving average (SMA) is neutral in the short to medium term but bullish in the long term. On the other hand, the exponential moving average (EMA) suggests a bullish trend, especially with the recent crossover of the 5EMA, 10EMA, and 20EMA.
Considering this mixed picture, there could be a potential price drop before another rise, but it's not guaranteed. Right now, we should keep an eye on two important levels: the support at 1946 and the new day high level at 1964. If the price breaks and holds above 1964 or below 1946, it may signal further growth or a drop.
Remember, trading always involves risk, and no analysis can predict the future with certainty. It's essential to use risk management techniques and stay informed about market events that could influence the price. Good luck with your trading!
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
Bullish targets:
1965.685
1969.505
1973.326
1984.786
Bearish Targets:
1954.225
1950.404
1946.841
Note
Bearish Target done @ 1954.225Note
Bullish Targets done @ 1965.685, 1969.505Note
It seems like the price of gold has reached a high point at $1972.44. There might be a slight increase still possible. However, with the upcoming USD reports tomorrow, there's a chance of the price dropping to around $1930. After this drop, we can anticipate further growth in the price of gold.Note
Bearish Targets Done @ 1950.404, 1946.841Note
USD news coming up! Volatility ahead. Be cautious. ( ADP Non-Farm Employment Change)Note
Trade with caution ⚠Updated Bullish Targets:
1952.106
1955.728
1962.972
1966.594
1970.217
1981.083
Note
Exercise caution and be extra vigilant when buying during price drops with these bullish long-term targets in mind. While it may seem promising, remember that there remains a significant chance of observing minor decreases. So, approach it with care and stay safe!Note
The situation is expected to become clearer after tomorrow's release of the USD reportsNote
Have a great weekend everyone! Another fun and amazing week.
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