Unveiling Intricacies of Gold Price Fluctuations in the US. Session
Navigating Entry and Exit Points: A Comprehensive Analysis
Gold recently exhibited a notable reversal from the robust resistance zone of 2048-2052, dropping from 2050 to its current position at 2038. Struggling to breach the support levels at 2034-2035, the precious metal prompts a critical decision for traders seeking profitable positions. To guide this decision, we delve into charts and intertwine insights from the positively bullish crude oil market, especially noting the resistance range of 76.5-77.
Hourly Chart Analysis:
Lower lows on the hourly charts signal a shift in gold's dynamics.
Breaching the channel, gold achieved higher highs, displaying bullish trends.
To confirm further drops, it must remain below 2035 levels.
If sustained, a potential descent to the first support zone of 2028-2032 is anticipated.
The stock RSI hitting bottom and MACD converging for a sell indicate looming bearishness.
Two-Hour Chart Examination:
Resistance is evident in the 2048-2052 zone, a pivotal point for gold.
A breach could lead to increased bullish momentum.
The presence of a bearish candle and a slight gap at 2036 level suggest a possible downtrend.
A selling position is viable if gold stays below 2035, with expected drops to 2032 and 2028.
Caution is advised, considering the liquidity gap at 2025 levels.
Three-Hour Chart Insight:
Higher highs and higher lows hint at continued bullish tendencies.
Confirmation of a major fall rests on gold staying below 2035.
Despite some bullishness, vigilance is necessary as the stock RSI and MACD signal a potential downturn.
Four-Hour Chart Analysis:
Completing a journey to the bottom of the channel, gold is poised for a reversal.
A break past 2044 levels could trigger a rise towards the bullish zone of 2048-2052.
The 20-period moving average at 2035 provides robust support.
Divergence in moving averages is observed, but caution is advised, given the lack of convergence signs.
Daily Chart Examination:
A reversal sign on the daily chart with a smaller red body suggests failed bullish attempts.
Higher highs and lower lows may lead to a potential swing towards 2028.
Below 2035, a strong support zone at 2028-2032 is crucial, indicating a probable drop towards 2020-2025.
Divergence from the moving average signals potential convergence, urging caution for traders.
Overbought indications in stock RSI may prompt a slight drop, while MACD's bullish divergence is noteworthy.
Conclusion:
Considering the intricate analysis, selling at the 2035-2034 zone is recommended, expecting support at 2028-2032. A breach below 2028 signals bearish dominance, targeting 2025 and possibly 2020-2015 levels. Caution is advised for buyers at 2044 levels, with a breach of 2052 unleashing bullish trends towards 2055 and 2060.
Disclaimer: Trading involves risks, and decisions should be made based on thorough personal analysis. The provided insights are for informational purposes only.
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