23 July,2023 #GOINVESTER #XAUUSD #GOLD
Gold achieved 1985 levels as predicted in our previous analysis, marking the second consecutive green candle. However, it later retraced most of the gains, closing the week around 1962 levels. Let's examine what this means and what to expect for the upcoming week in trading gold. We'll analyze charts and indicators to guide our predictions.
Daily Chart Observations:
Gold has formed a solid base and bottom, respecting a channel.
It is not bearish unless it trades below 1950-1940 Zone.
The retracement after consolidation indicates potential for upward movement.
Watch how gold behaves at 1954-1960 Zone, as it will be crucial for future direction.
Above 1965 levels, gold can regain bullish momentum.
Weekly Chart Insights:
Identical symmetrical formation indicates potential for bullish movement.
Gold failed to stay above 1980 levels, suggesting limited upside room.
A 30-dollar candle might be possible if gold breaks above 1973-1985 Zone.
Support is expected around 1940-1950 levels.
Monthly Chart Analysis:
Gold shows increasing bullishness with higher lows and higher highs.
Monthly candle size suggests possible movement within the 1895-2000 range.
A close above 2000 levels could signal stronger bullish momentum.
Indicators' Observations:
Daily charts display a bullish trend, with moving averages supporting it.
Stochastic and MACD indicate potential bullish and bearish cycles.
RSI suggests near-term bullishness but long-term movement is uncertain.
Trading Levels and Strategies:
Buy Levels:
Buy at 1965 levels, expect resistance at 1973 and 1984-1985.
A close above 1985 may lead to 1996-2004 Zone.
Beyond 2000, the upside potential becomes substantial.
Sell Levels:
Consider selling below 1954 levels.
Strong support at 1940-1950 Zone, below which bearishness may prevail.
Be cautious and maintain stop-loss for trades.
Conclusion:
Gold is likely to exhibit volatile movements next week. The key levels to watch are 1965, 1984, and 2000 on the upside, and 1954, 1940, and 1930 on the downside. Trading with risk management and observing critical support and resistance levels will be vital for profitable trades. Remember, markets can be unpredictable, so adapt your strategy accordingly and always use a stop-loss.
Comments