Daily Gold Price Analysis by JRFX.com

[antonyyu3]

JRFX-Daily Gold Price Trend Analysis-June 11, 2024​

Gold price chart, weekly time frame Last week closed the week under the blue Channel support line. Yesterday, the price went up to test the Channel resistance line again but was unable to pass through and was still within the price structure of the weekly Double Top pattern. The next trend in the medium term is likely to drop towards the 20-week moving average support line. The green line is at the price around 2247$.


Gold price chart daily time frame Yesterday, the retracement occurred as expected. After the price came down to rest at the support level. The price rose to test the resistance of the 50-day moving average, the blue line at around 2312$ and has not yet passed. Today the price started to adjust down. Currently, there is still an opportunity to move sideways and stay off the side. There is a chance of moving further down to the 2250$ zone with the 20-week EMA support rather than an upward adjustment.


The gold price chart on the 4-hour time frame is under the Down Trend Channel structure, blue line. It is currently resting in the neckline support of the Double Top pattern at the price level around 2285$. Yesterday, the price experienced a retracement to test the 50-day EMA support zone that broke out down to the price level around 2310-2315$ and adjusted. down as predicted this morning. But the current structure in the 4H frame has a chance to increase in the short term to test the 2320$ zone. Otherwise, when the bottom is broken, it will move further to at least 2266$.


Gold chart, 1-hour time frame, price accumulates strongly in a sideway up manner. Today, focus on SHORT at the price level around 2320-2325$, target down to the original low point of 2285$ and 2266$. Gold is a low-risk asset but has price fluctuations. high It is recommended to trade with carelessness. Be mindful and use appropriate risk controls.


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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.

 

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[antonyyu3]

JRFX-Daily Gold Price Trend Analysis-June 13, 2024​

Weekly Time Frame Gold Price Chart: Gold price is still consolidating around the support/resistance of the blue channel. The price structure is still in the form of a Double Top, with the Neckline in the $2,290/2,300 price zone. Yesterday, the U.S. inflation data came out unfavorably, along with the Fed's policy outlook of a single rate cut in 2024, causing the USD to weaken. Prices have rebounded in the short term. The medium-term trend outlook has a chance of moving down to test the 20-week moving average support, which is around $2,250.



Daily Time Frame Gold Price Chart: Yesterday's price action moved up to stand above the 50-day EMA line, the blue line at around $2,313, testing the 20-day EMA (green line) at around $2,335 level, but failed to break through. Overall, the price is being squeezed back under the two EMA lines again and is in a Sideway Up structure.


4-hour Time Frame Gold Price Chart: Gold price is currently in a downward trend channel, with the blue line representing the trend channel. Yesterday, the price broke out above the middle line and tested the $2,340 zone. The current movement is a correction/corrective move (a brief upward movement) and there is a possibility of further upward adjustment today, with a chance to test the 61.8% Fibonacci retracement level around $2,350.



1-hour Time Frame Gold Price Chart: After reaching the high around $2,340 yesterday, the price has pulled back down to test the demand zone around $2,310 again this morning. The overall picture is still volatile, but in the short-term, the price has a chance to continue rising, potentially consolidating in a sideways up pattern. The main trading strategy for today is to focus on shorting around the $2,350 level, with targets at the previous lows of $2,285 and $2,266. Gold is a low-risk asset, but it has high price volatility, so it is recommended to trade with caution, mindfulness, and appropriate risk management.



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[antonyyu3]

JRFX-Daily Gold Price Trend Analysis-June 14, 2024​

Weekly Time Frame Gold Price Chart: The gold price has continued to consolidate around the support/resistance levels of the blue channel. This week, the price has remained below the blue resistance line. The price structure is still in the form of a Double Top pattern, with the neckline around the $2,290/2,300 price zone. In the medium-term outlook, there is a possibility of the price moving down towards the 20-week moving average (green line) around $2,250.


Daily Time Frame Gold Price Chart: Yesterday, the price moved back down and traded below the 50-day EMA (blue line) around $2,313. Overall, the price today has a chance to test the EMA and continue to move lower. The next significant downward impulsive move is likely to be a correction towards the 120-day EMA (orange line) around the $2,222 price level.


4-hour Time Frame Gold Price Chart: Gold price is currently trading within a Down Trend Channel, with the blue line as the trend line. Yesterday, the price broke down from the BB Middle Bands, moving down to around $2,314. This morning, the price has started a Retracement, moving up. There is a possibility that it may not break through the BB Middle Bands and continue to move down to test the $2,285 support level, which is the Previous Low.

1-hour Time Frame Gold Price Chart: The overall price action shows high volatility, with an unclear trend structure. For now, the assessment is that the price has a tendency to move down and test the $2,285 support level. If this level is broken, the price may continue to move down towards the 20-week EMA around $2,250. Gold is considered a low-risk asset, but it has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.


Click here to trade gold

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.

 

[antonyyu3]

JRFX-Daily Gold Price Trend Analysis-June 17, 2024​

Weekly Time Frame Gold Price Chart: The gold price has rebounded from the Neckline support of the Double Top pattern in the $2,290/2,300 price zone, and is now moving in a Sideway along the blue Channel resistance. Looking at the price trend in the medium term, the price has the opportunity to move down towards the 20-week moving average (green line) at around $2,257.

Daily Time Frame Gold Price Chart: The gold price is still moving without a clear trend direction. On Friday, the price went up to test the EMA 20-day resistance zone at around $2,333, and this morning it started to decline after encountering the resistance. The probability of a Head And Shoulders pattern forming with a Neckline at the $2,290 level still remains. Overall, the price today has the chance to test the EMA and continue to move down. The next strong Impulsive downward movement is likely to be towards the EMA 120-day (orange line) at around $2,224.

4-hour Time Frame Gold Price Chart: The gold price is within a Down Trend Channel structure with the blue line. Yesterday, the price broke out above the BB Middle Bands at around $2,314 and has started to retrace lower this morning. The price is expected to have a chance of not moving through the BB Middle Bands and continuing to test the resistance at $2,345.

1-hour Time Frame Gold Price Chart: The chart shows overall price volatility with an unclear trend structure. The price has frequently tested the resistance zone and Supply Zone at $2,340. Initially, the price is expected to have a tendency to move up to the Fibonacci Retracement level of 61.8% in the $2,345-$2,350 range. Gold is a low-risk asset but has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.


Click here to trade gold

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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-June 18, 2024​

Weekly Gold Price Chart: The gold price has rebounded from the Neckline support of the Double Top pattern in the $2,290/$2,300 zone and is still moving sideways within the blue channel. In the medium-term outlook, the price has the potential to move down towards the 20-week moving average (green line) around $2,257.


Daily Gold Price Chart: The price is still moving without a clear directional trend, under low volatility. On Friday, the price went up to test the 20-day EMA resistance line in the $2,333 price zone, and yesterday it dropped again after encountering resistance. The probability of a Head and Shoulders pattern forming with a Neckline around $2,290 is still present. An expected impulsive downward move has the potential to retest the EMA 120-day (orange line) around $2,227 level. However, if the price can break above and hold above the EMA 20-day, it may have the opportunity to continue testing the highs around the $2,380 zone.



4-Hour Gold Price Chart: The gold price is within a Down Trend Channel with the blue line. Yesterday, the price was consolidating around the BB Middle Bands at around $2,318. The resistance at the Upper Band is at the price level of $2,340, and the support at the Lower Band is at the price level of $2,296. The forecast for the price movement today is that there is a chance that the price will go up and test the resistance of $2,332-$2,340.



1-Hour Gold Price Chart: The overall price volatility is low and the trend structure is not clear. The price has often tested the resistance zone and Supply Zone at $2,340. Initially, it is estimated that the price has a tendency to move up to the Fibonacci Retracement 50.0% level of $2,337-$2,340. Gold is a low-risk asset but has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.




Click here to trade gold

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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-June 20, 2024​

Weekly Gold Price Chart: The gold price has rebounded from the Neckline support of the Double Top pattern in the $2,290/$2,300 price zone this week. After the price retraced and tested the $2,306 breakout level, the price has been gradually adjusting higher and is likely to close the weekly candle in a Bullish manner as expected. The key support is the 20-week moving average (green line) around $2,257.


Daily Gold Price Chart: After trading below the 20-day EMA for 8 days, the price today has managed to break above this resistance level. If the price can hold above this, it has the potential to test the $2,380 zone in the medium-term. The key confirmation for the upside move would be if the price can break and sustain above $2,350, otherwise, it may pull back again.

4-Hour Gold Price Chart: The gold price is currently trading within a Down Trend Channel structure, indicated by the blue lines. Today, the price has managed to break above the EMA 120 resistance (orange line) in the 4H time frame and is now testing the blue channel resistance. If the price fails to break through the channel resistance, there is a possibility it may pull back and retest the EMA line again. Overall, the price has the potential to move higher if it can break out of the channel resistance.


1-Hour Gold Price Chart: This morning, the price has broken above the red EMA 480 resistance line (red line) and pulled back to retest it, before continuing higher in the $2,345-2,350 range. However, at this level there is a blue Down Channel resistance that may cause the price to pull back in the short term. Gold is considered a low-risk asset, but it has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.


Click here to trade gold

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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-June 21, 2024​

Weekly Gold Price Chart: After last week, the gold price reversed from the Neckline support of the Double Top pattern in the $2,290/$2,300 price zone. This week, with the current price behavior breaking out of the daily resistance level yesterday, the weekly price is expected to close as Bullish as anticipated. The support level of the 20-week moving average (green line) has moved up to around $2,261.



Daily Gold Price Chart: After 8 days of trading below the 20-day EMA resistance level, gold prices finally broke yesterday on the intraday time frame and the price was able to break the EMA resistance level and hold. This has caused the daily timeframe to break out above the EMA 20-day resistance at around $2,337. The price has the potential to test the $2,380 zone in the medium term, as it has confirmed an upward medium-term trend by breaking and holding above $2,350.



4-Hour Gold Price Chart: The gold price has broken out of the downtrend channel's resistance (blue line) and is currently testing the Fibonacci Retracement resistance level of 78.6% at a price of $2,365. Today, the price has a chance of continuing to move up and testing the blue supply zone. However, if there is a pullback, focus on a LONG position in the $2,350 zone with a profit target of $2,380.



1-Hour Gold Price Chart: After breaking above the EMA 480 resistance (red line) and dropping back down to retest, the price has broken out of the downtrend channel. Currently, the price is moving within a triangle pattern. If there is a pullback, consider a LONG position in the first zone of $2,353-$2,349 and the second zone of $2,335, targeting the Fibonacci Retracement 88.6% at $2,376-$2,380. Gold is considered a low-risk asset, but it has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.



Click here to trade gold

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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-June 24, 2024​

Weekly Gold Price Chart: Last week, the price experienced a retracement, reaching a high of $2,368 before declining sharply on Friday. The price structure is forming a lower high pattern in the weekly timeframe, continuing the sequence of highs at $2,450, $2,387, and $2,368. This week, it is anticipated that the price will bounce up and then resume the downward correction. The price has a neckline of a potential double top pattern around the $2,290-$2,300 area, and the 20-week moving average (green line) has moved up to around $2,263.



Daily Gold Price Chart: Last Thursday, the price broke above the 20-day EMA, but on Friday, it reversed sharply and broke below the 20-day EMA, testing the support of the 50-day EMA (blue line) at around $2,317. The price remains volatile, not showing a clear directional trend. In the daily timeframe, there is a possibility of the price testing the 20-day EMA again around the $2,332 level.



4-hour gold price chart: The gold price shows a downtrend channel, with the blue line representing the resistance level. The price broke above this resistance on Thursday, but when it reached the 78.6% Fibonacci retracement level, it slowed down and quickly pulled back, breaking the old support of the channel and returning back inside the original channel. The price is trading below the 120-period EMA (orange line) in the 4-hour timeframe. In the near term, the focus should be on SHORTING around the $2,335 EMA level, which coincides with the blue channel resistance. Profit target is the original Low of $2,286.



1-hour gold price chart: The current price structure is accumulating strength in the form of a flag or an up-channel (blue). The price trend is in line with the 4-hour timeframe. The focus today should be on looking for SHORT opportunities when the price moves up to test the 480-period EMA (red line) in the $2,335 price zone. The profit target is the previous low at $2,286. Gold is a low-risk asset, but it has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.



Click here to trade gold

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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-June 25, 2024​

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Weekly Gold Price Chart: This week is still in a consolidation phase with a narrow price range. The price structure is still forming a "Lower High" pattern in the weekly timeframe, continuing from the previous highs at $2,450, $2,387, and $2,368. However, the price has not yet formed a "Lower Low" below the $2,290 support zone. If the weekly chart breaks below $2,290, it could lead to a short-term downward movement, as the 20-week moving average (green line) is providing support around $2,264.



Daily Gold Price Chart: On Friday the price fell sharply, breaking below the 20-day EMA (green line) and testing the 50-day EMA (blue line) around $2,317. This 50-day moving average provided support, allowing the price to bounce back up and test the 20-day EMA again yesterday. However, the price is still fluctuating within the range bounded by the two moving averages, and there is a possibility it could test the 50-day EMA around $2,318 again today.



4-hour gold price chart: The chart shows that the price has returned to the previous trading channel. The price is trading below the 120-period EMA (orange line) in the 4H timeframe. Yesterday, the price tested the $2,335 level of the 120-period EMA and then pulled back as expected in the early trading session today. In the short-term, the price has the potential to either test the 120-period EMA resistance at $2,335 again, or it may drop down to test the low around $2,318.



1-hour gold price chart: The current price structure is accumulating in the form of a Flag or an Ascending Channel (blue). The overall trend is aligned with the 4H timeframe. For today's trading approach, if the price stays above the 480-period EMA (red line) in the 1H timeframe, the focus should be on looking for SHORT opportunities down to the support levels of the Flag structure. However, if the price can break and hold above the red EMA, look for opportunities to LONG following the Flag formation. Gold is a low-risk asset but has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.




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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-June 27, 2024​

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Weekly Gold Price Chart: The gold price is continuing its downward movement this week, following the price structure of a Lower High pattern in the weekly timeframe. This has been a continuous pattern from the high of $2,450 => $2,387 => $2,368 and $2,337. The price is currently moving down to test the $2,290 support level (red line), which is the Neckline of the Head and Shoulders pattern in the weekly timeframe. Below the Neckline, there is support ready to hold the price, with the 20-week moving average (green line) moving up and now near the $2,261 price level.



Daily Gold Price Chart: On Tuesday the price came back down to test the support of the 50-day EMA (blue line) at around $2,318. Yesterday, the price was able to break below this 50-day EMA line, which is an important move. The 50-day EMA at around $2,316 now has the potential to act as a resistance level that could push the price down further. For today, the price has a chance to break the $2,290 Neckline support in order to move lower.



4-hour gold price chart: Price is moving down within a Down Trend Channel in the blue frame. Yesterday, the price was able to break below the $2,316 support level. For today's movement, there is a possibility that the price could move down to test the previous low of June 7th at around $2,286. The next key support level will be the 480-period EMA (red line) at around $2,284.



1-hour gold price chart: The price has broken the Flag pattern structure and has broken below the $2,318 and $2,306 support levels sequentially. Today, the focus is on SHORT at the $2,305 resistance and the secondary resistance at $2,316, with a target of $2,284 based on the projected downtrend (orange line). If there is no retracement, the price could move directly down to the target. Gold is a low-risk asset but has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.




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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-June 28, 2024​

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Weekly Gold Price Chart: This week, after the gold price moved down according to the Lower High price structure of $2,450 => $2,387 => $2,368 and $2,337 from the previous weeks, the price has moved down to test the Equal Low area at the Neckline of the Head and Shoulders pattern around the $2,290 level, before adjusting back up to the opening price range of the week. The 20-week moving average support, shown in green, is around $2,263. The price behavior indicates that the SELLERS still do not have enough strength to break below the $2,290 Neckline support. This week, there is a chance the candle will close as an Indecision Bar.



Daily Gold Price Chart: On Wednesday the price broke below the 50-day EMA level at $2,318 (blue line), but yesterday the price moved back up to test the 20-day EMA at $2,328 (green line) again. However, the daily price structure has a "Break & Retest" pattern trend, so there is still a chance it could pull back or continue moving down further.



4-hour gold price chart: The price is moving down within a blue downtrend channel. Today, the price is being squeezed and is moving between the support/resistance of the orange 120-period EMA around $2,330 and the green 20-period EMA around $2,318. For a profit-taking trade today, it is recommended to wait for a breakout above the green zone ($2,330-$2,318) and then follow the trade in that direction.



1-hour gold price chart: Yesterday the price tested the red 480-period EMA resistance again but has not broken through. It is expected that the price will attempt to break above the red EMA today. If this occurs, it is recommended to wait for a price pullback and consider a LONG trade, targeting the $2,350 price zone. Gold is a low-risk asset but has high price volatility, so it is advised to trade with caution, mindfulness, and appropriate risk management.





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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-July 2, 2024​

Click here to trade gold
Weekly Gold Price Chart: In the weekly timeframe, the gold price is in a downward price structure, creating a series of Lower Highs at $2,450, $2,387, $2,368, and $2,339 last week. It has a support level at the Neckline of the Head and Shoulders pattern (red line) around $2,290, which can still provide support. The 20-week moving average (green line) is around $2,269. Based on the price behavior, the price has a chance of adjusting downward to $2,290 or $2,269 before rebounding in the short term.


Daily Gold Price Chart: In the daily timeframe, the price is moving in a Sideways channel without a clear price trend. The BB Upper Band resistance is around $2,373, and the BB Lower Band support is around $2,278. The current price is consolidating around the Middle Band, with the possibility of either moving up to test the resistance or down to test the support.



4-hour Gold Price Chart: The gold price is moving down within a downtrend channel in the blue frame. The resistance at $2,340 is still exerting good downward pressure on the price, and the support at $2,296 is also providing good support. Below that, there is the EMA 480 of the 4H frame in the red line at around the $2,285 price level. Today, if the price moves lower, there will be the 1H frame support level around $2,319 to support the price. In case the price breaks above $2,340, there is still resistance of the channel to put pressure on the price. Therefore, in this period, a large price movement is not expected.



1-hour Gold Price Chart: It is overall stuck within the $2,340 resistance and $2,319 support levels, supporting the price. It's suggested to focus on trading within these aforementioned short-term support and resistance levels or wait for the price to break out of the ranging or channel frame before considering appropriate further trading. Gold is a low-risk asset but has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.



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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-July 4, 2024​

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Weekly Gold Price Chart: The gold price has started to change its structure again after pushing up from the $2,290 support level and consolidating in the early part of the week. Yesterday, the price adjusted from the $2,330 zone and tested the $2,370 price zone. The price has a support level at the 20-week moving average (green line) which is around $2,272. Based on the recent price behavior, if the price can break above the $2,370 zone, it has the opportunity to test the resistance level in the $2,390-$2,400 range again.



Daily Gold Price Chart: Today is a holiday in the United States, Independence Day. In the evening, gold prices are not expected to see significant volatility. In the daily timeframe, the price has moved up from the BB Middle Band and is testing the BB Upper Band resistance level around $2,367, while the previous BB Middle Band will now act as support around $2,326. Today, it is expected to see a short-term pullback after testing the previous high of $2,367.



4-hour Gold Price Chart: The chart shows that the price was able to break through the resistance of the downtrend channel structure in the blue box yesterday and tested the green supply zone. This morning, the price has pulled back to test the previous resistance that was broken yesterday. This level is expected to provide support. Today, it is anticipated that there will be an attempt to test the resistance at $2,370 again. If it breaks through, the price is expected to continue rising to $2,390.



1-hour Gold Price Chart: The price is moving within an uptrend channel shown in the blue channel. The price is currently pulling back after visiting the green supply zone. Today, the focus is on a BUY entry at the $2,347 price level, with a target at the previous high of $2,367-$2,370. Gold is considered a low-risk asset but has high price volatility. It is recommended to trade it with caution, mindfulness, and appropriate risk management.




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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-July 5, 2024​

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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.



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.



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.



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.



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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-July 8, 2024​

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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.



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.



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.



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.



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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-July 11, 2024​

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Weekly Gold Price Chart: This week's overview is a Retracement, where the price has pulled back after rising from the resistance level of $2,330 the previous week. Within this week, the price has received buying pressure, causing the current price to be close to the previous week's closing price. Today there is an important news event - the announcement of the US Consumer Price Index, which may impact the behavior and price structure of gold. The 20-week EMA (green line) at around $2,286, near the previous Neckline, will provide long-term support for the price.



Daily Gold Price Chart: The price is still below the resistance line (blue line) at the level below $2,388. Yesterday, the price tested and reached a high of $2,387 before pulling back, and has adjusted again this morning. Today, it is expected that there may be a breakout from the support range that has been controlling the short-term trend, or there may be a breakout from the resistance Channel that has been controlling the long-term trend. The critical support levels are $2,350 and the BB Middle Band at $2,341, which will provide medium-term support for the price.



4-hour Gold Price Chart: The gold price is currently consolidating within a Symmetric Triangle pattern. Yesterday, the price was able to break above the $2,370 Swap Zone and reached a high of $2,387 before pulling back to test the $2,370 level (which has now become a support). This morning, the price has once again broken out below the $2,370 level. The upcoming US CPI (Consumer Price Index) news announcement at 3:30 PM (GMT +3) is expected to trigger a breakout in one direction or the other.



1-hour Gold Price Chart: The price is currently moving within an Uptrend Channel (shown in blue). The price is currently testing the resistance of the daily chart's trend line, which connects the high of $2,450 on May 20, 2023 and the high of July 5, 2023. It is anticipated that the price may see a pullback during the day today, potentially testing the $2,370 support level before resuming its upward move. 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.




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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-July 12, 2024​

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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.



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.



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.



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.




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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-July 15, 2024​

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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.



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.



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.



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.



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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-July 16, 2024​

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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.



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.


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.


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.



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.