Daily Gold Price Analysis By JRFX

#11
JRFX | Daily Gold Price Analysis-July 5, 2024

Weekly Gold Price Chart: The gold prices have been strongly rebounding this week, as part of a 4-week accumulation structure. If there are no changes during the Nonfarm Payrolls news today, the price is expected to test the $2,390-$2,400 resistance zone again. The Neckline support at $2,290 and the 20-week EMA green line around $2,270 will provide long-term support.

1720170892727.png


Daily Gold Price Chart: Today there is a scheduled release of the US Nonfarm Payrolls, Unemployment Rate, and Average Hourly Earnings data at 15:30 (GMT+3). In the daily timeframe, the price is moving up from the BB Middle Band and testing the BB Upper Band resistance around $2,372. The BB Middle Band support is around $2,329. There is a possibility that the price will break above the $2,370 zone to test the next high in the $2,390 zone. Alternatively, it may pull back to retest the BB Middle Band at $2,330.

1720170896028.png


4-hour Gold Price Chart: The gold price has been able to break above the resistance of the downtrend channel in the blue channel. After that, when the price tested the green supply zone, it came back to retest $2,350 and then continued to move up. The price is now consolidating at the beginning of the green supply zone, where the 20-period EMA (4H) in green is located at $2,350. However, due to an important news event today, in the medium term, the trend is expected to continue higher to $2,390-$2,400, but in the short-term, the price may pull back and consolidate in the $2,347-$2,340 demand zone before attempting to move up again.

1720170900227.png


1-hour Gold Price Chart: The gold price is in a blue uptrend channel. Currently, the price is testing the green supply zone between $2,363-$2,370. If it can break above, the price will likely move up to the previous high zone of $2,380-$2,390 from June 7th. However, if it fails to break higher, the price is likely to pull back and revisit the $2,347-$2,340 demand zone. This would be a good area to consider a long trade, with the first target at the $2,370 supply zone, and hoping for a breakout to the next zone above. Gold is a low-risk asset but has high price volatility. It is recommended to trade it with caution, mindfulness, and appropriate risk management.

1720170904797.png


The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.
 
#12
JRFX | Daily Gold Price Analysis-July 8, 2024

Weekly Gold Price Chart: Last week, the gold price rebounded strongly, closing a full bullish bar in a 4-week breakout structure. In the broader picture, the price has a bright outlook to test the all-time high of $2,450. The 20-week EMA (green line) has risen to around $2,286, near the previous neckline. In the short term, it will continue to support the price in the long run.

1720427105965.png


Daily Gold Price Chart: In the daily timeframe, the recent move from $2,290 is a nice upward move. The price was able to break above the $2,370 high and test the $2,390 zone on Friday. If the weekly candle can close and hold above $2,390, the price is likely to move up to test the $2,430 and $2,350 zones respectively. However, if the price pulls back, the Sideway/Ranging trend between $2,390 and $2,290 may continue. The BB Middle Band has risen to around $2,334, providing support.

1720427109146.png


4-hour Gold Price Chart: After the price was able to break out of the downtrend channel (blue channel), it moved up and tested the green supply zone. The price then retested the $2,350 level and continued its upward movement, breaking through the $2,370 supply zone and testing the $2,390 zone on Friday. Today, the price has the potential to correct in the short term. A key support zone to consider for a buy opportunity is the previous $2,370 supply zone that was broken out from on Friday. If the price can maintain its bullish momentum, it has the potential to move up further to the $2,410 zone.

1720427113242.png


1-hour Gold Price Chart: The price was able to break above the blue uptrend channel resistance on Friday. Currently, the price is pulling back to test the previous resistance around $2,380, which has the potential to act as support and push the price higher in the short term. Interesting buy zones to consider are around the $2,370 level, with a target of the previous $2,410 neckline resistance that was broken down on June 22, 2024. Gold is a low-risk asset but has high price volatility, so it is recommended to trade it with caution, mindfulness, and appropriate risk management.

1720427116815.png


The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.
 
#13
JRFX | Daily Gold Price Analysis-July 5, 2024

Weekly Gold Price Chart: The gold prices have been strongly rebounding this week, as part of a 4-week accumulation structure. If there are no changes during the Nonfarm Payrolls news today, the price is expected to test the $2,390-$2,400 resistance zone again. The Neckline support at $2,290 and the 20-week EMA green line around $2,270 will provide long-term support.

1720681704721.png


Daily Gold Price Chart: Today there is a scheduled release of the US Nonfarm Payrolls, Unemployment Rate, and Average Hourly Earnings data at 15:30 (GMT+3). In the daily timeframe, the price is moving up from the BB Middle Band and testing the BB Upper Band resistance around $2,372. The BB Middle Band support is around $2,329. There is a possibility that the price will break above the $2,370 zone to test the next high in the $2,390 zone. Alternatively, it may pull back to retest the BB Middle Band at $2,330.

1720681707946.png


4-hour Gold Price Chart: The gold price has been able to break above the resistance of the downtrend channel in the blue channel. After that, when the price tested the green supply zone, it came back to retest $2,350 and then continued to move up. The price is now consolidating at the beginning of the green supply zone, where the 20-period EMA (4H) in green is located at $2,350. However, due to an important news event today, in the medium term, the trend is expected to continue higher to $2,390-$2,400, but in the short-term, the price may pull back and consolidate in the $2,347-$2,340 demand zone before attempting to move up again.

1720681711853.png


1-hour Gold Price Chart: The gold price is in a blue uptrend channel. Currently, the price is testing the green supply zone between $2,363-$2,370. If it can break above, the price will likely move up to the previous high zone of $2,380-$2,390 from June 7th. However, if it fails to break higher, the price is likely to pull back and revisit the $2,347-$2,340 demand zone. This would be a good area to consider a long trade, with the first target at the $2,370 supply zone, and hoping for a breakout to the next zone above. Gold is a low-risk asset but has high price volatility. It is recommended to trade it with caution, mindfulness, and appropriate risk management.

1720681715373.png


The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.
 
#14
JRFX | Daily Gold Price Analysis-July 12, 2024

Weekly Gold Price Chart: The gold price has been moving up continuously this week as expected, after experiencing a retracement and breaking out from the previous week's high of $2,392. The price has now reached a new high of $2,420. The 20-week EMA (green line), which acts as a support level, is around $2,290 and has risen to the Neckline level, which is expected to provide long-term support for the price.

1720766341004.png


Daily Gold Price Chart: The gold price has broken out from the resistance line (blue line) and is now moving up to test the $2,420 resistance zone. This supply zone may cause the price to pull back in the short term. However, the expectation is that the price will break out above $2,420 and move up to test the all-time high of $2,450 in the near future, with the potential to create a new all-time high in the range of $2,470-$2,480.

1720766346577.png


4-hour Gold Price Chart: The chart shows a Symmetric Triangle breakout that has been accumulating strength since yesterday. The current 4H trend structure is aligned with the weekly timeframe trend. After the recent pullback, the price has a chance to continue moving up to attempt the $2,420 zone and test the $2,450 high. The 4H EMA 20 (green line) is providing support around the $2,390 price level.

1720766350087.png


1-hour Gold Price Chart: The chart is showing an Uptrend Channel. Yesterday, the price reached a new high above $2,420 and has since been retracing within the Channel structure. Today, consider potential long/buy opportunities from two price levels: the first around $2,404 and the second around $2,396. The profit targets are set at $2,420 and $2,450 respectively. However, if the price breaks below $2,395, it would be prudent to cut losses and wait for a new long setup around the $2,385 price zone. Gold is a low-risk asset but has high price volatility. It is recommended to trade it with caution, mindfulness, and appropriate risk management.

1720766352767.png



The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.
 
#15
JRFX | Daily Gold Price Analysis-July 15, 2024

Weekly Gold Price Chart: The gold price has been on a continuous upward trend from the previous week. There was a retracement where the price pulled back before breaking out above the previous week's high of $2,392 and reaching a new high of $2,424. The 20-week EMA support (green line) is around the $2,301 price level. This average line will provide long-term support for the price. The key behavior to watch for the long-term uptrend is whether the price can create a new high that is equal to or higher than the previous high of $2,450. If this does not occur, the price has a high chance of pulling back to test the blue trendline or the 20-week green average line.

1721026548190.png


Daily Gold Price Chart: The gold price breaks out above the resistance level, with the red Speed line moving up and testing the resistance zone around $2,420. This resistance zone is a supply zone that has caused the price to pullback in the short-term. On Friday, the price tested the previous week's high around $2,390 and then moved back up close to the Thursday, July 12th closing price. The forecast is that the price has a bullish trend with a likelihood of breaking out above the $2,420 resistance and moving up to test the all-time high around $2,450. There is also a possibility that the price could make a new all-time high in the $2,470-$2,480 range.

1721026552018.png


4-hour Gold Price Chart: The chart is moving within an uptrend structure, with a series of higher highs and higher lows. However, last Friday the price was unable to break out above the $2,420 resistance zone or create a new high above $2,424, suggesting the price may need to consolidate further. There is a possibility the price could retrace back down to test the green 20-EMA line around the $2,400-$2,398 price level. Overall, as long as the price remains above the blue dashed support channel and the previous red dashed channel lines, the uptrend can still be considered intact. The price has the potential to continue moving higher.

1721026555560.png


1-hour Gold Price Chart: The chart is moving within an uptrend channel (shown in blue). However, the price is starting to slow down again. The price has a tendency to consolidate and accumulate strength within a symmetrical triangle pattern, or it may develop into a flag structure along the blue dotted line. The key demand zone is around $2,384-$2,377. If the price breaks below this zone, it will start to confirm a downtrend. In the meantime, monitor the price action within the downward sloping channel (blue dotted line). Gold is considered a low-risk asset, but it has high price volatility. It is recommended to trade gold cautiously, with mindfulness and appropriate risk management.

1721026559888.png


The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.
 
#16
JRFX | Daily Gold Price Analysis-July 16, 2024


Weekly Gold Price Chart: The price continues to move in a Bullish direction for the 4th consecutive week, with the price starting to approach the all-time high of $2,450. Yesterday, the price rose to the target of $2,440 before correcting lower. In the intraday timeframe, there are signals of a slowdown. In the short-term, it is expected that the price will start to consolidate. The 20-week EMA support level (green line) is around $2,301, and this average will provide long-term support for the price. The key behavior for the long-term price trend depends on whether the price can establish a new high that is equal to or higher than the previous all-time high of $2,450. If this does not occur, the price has a high probability of retracing down to test the blue trend line or the 20-week green moving average.

1721113259511.png


Daily Gold Price Chart: The price continues to cling well to the BB Upper Band. Yesterday, the price went up to make a high of $2,440 before pulling back and closing at $2,422 in the $2,402 price zone. It closed as a candle with upper and lower wicks, indicating the possibility of sideways movement or further upside in the near term. Looking at the possibilities for today, the price has a chance to pull back and consolidate around the $2,420 price zone again. However, if the price can break and hold above $2,440, it will have the opportunity to approach the All-Time High of $2,450 again. The key support levels on the daily timeframe are $2,390 and $2,360.

1721113263399.png


4-hour Gold Price Chart: The price is moving within an uptrend structure, creating a series of Higher Highs and Higher Lows. Yesterday, it made a Higher High at $2,440 before pulling back and consolidating around the $2,420 price zone again. Looking at today, there is a possibility of a short-term pullback or retracement in the price. It is recommended to consider opportunities to take a SHORT position against the trend in the $2,440 zone, with potential targets at $2,420 and $2,410. Overall, as long as the price remains above the support channel (blue dashed line) and the previous channel (red dashed line), the uptrend should still be considered intact.

1721113266675.png


1-hour Gold Price Chart: The chart shows an uptrend channel in blue. Yesterday, the price broke out from the flag structure (indicated by the blue dashed line) and reached the profit target of $2,440. The price then pulled back and consolidated around the $2,420 level. Today, the first support level in the 1H frame is $2,420, which has the potential to see the price test the previous day's high. However, due to the bearish divergence signal observed in the 4H chart, it is expected that the price will pull back and test the $2,420 support zone again. Gold is considered a low-risk asset, but it exhibits high price volatility. It is recommended to trade gold with caution, mindfulness, and appropriate risk management.

1721113270305.png


The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.
 
#17
JRFX | Daily Gold Price Analysis-July 18, 2024

Weekly Gold Price Chart: The gold price is currently in an uptrend structure on the weekly time frame. The latest price action displays a Sideway Up or 3-Drive pattern. Yesterday, the price reached a new all-time high at $2,483, but it is still testing the resistance of the blue channel. The 20-week EMA (green line) is currently around the $2,306 price level and will act as long-term support for the price. If this week's price closes above the $2,480 resistance level and the channel, it will have the opportunity to test the weekly resistance at $2,530 and the monthly resistance at $2,575 in the future.

1721288818404.png


Daily Gold Price Chart: On the daily time frame, the price is moving within a blue channel in a Sideway Up pattern, making higher highs at $2,431, $2,450, and the latest $2,483 yesterday. However, it faced rejection at the resistance and retraced back to test the $2,450 level, which was the previous high. The price is expected to continue consolidating within the channel resistance. If it fails to break above the $2,480 resistance, it will likely resume the Sideway Up movement within the channel.

1721288821652.png


4-hour Gold Price Chart: The gold price adjusted downwards from the resistance channel of the weekly timeframe yesterday. The 4H price structure is still an uptrend structure, with the price moving down to the green EMA 20 average line around $2,450 before starting to rise again. Today, there is a chance that the price will move to test the All Time High and the blue resistance channel, but the price is expected to adjust down again.

1721288825061.png


1-hour Gold Price Chart: The chart shows the price hitting the blue Uptrend Channel resistance of the weekly timeframe, with a Bearish Divergence signal before dropping to $2,451. If the price moves to test the previous high around $2,483 today, consider SHORTING it with profit targets at $2,450 and $2,444 respectively. It is recommended to set profit targets not exceeding the dotted support line acting as a support level. Gold is a low-risk asset with high price volatility. It is recommended to trade with carelessness. Be mindful and use appropriate risk controls.

1721288828613.png


The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.
 

Similar threads