GOLD Weekly Outlook

1 giu

Technical Analysis of Gold

In our previous analysis, we identified a resistance level at $2,358 for gold. The price reached this level but subsequently dropped, continuing its bearish trend.

Current Week Outlook

This week, gold is expected to consolidate between $2,320 and $2,342 before breaking out in either direction.

• Bearish Scenario:
  If the price remains below $2,320, confirmed by a 4-hour candle close, it will likely continue its bearish trend toward $2,302. A break below $2,302 could initiate a further decline toward $2,273.
  
  Bullish Scenario:
  For a bullish trend to emerge, the price needs to stabilize above $2,357. This could propel it towards $2,378, and a break above this level would target $2,397.
  
  Key Levels:
  
• Pivot Price: $2,320
  
• Resistance Levels: $2,342, $2,357, $2,378
  
• Support Levels: $2,302, $2,286, $2,274
  
  Anticipated Trading Range
  This week, the anticipated trading range is between the support level at $2,257 and the resistance level at $2,273.Impact of Upcoming Economic News
  The gold market is expected to be strongly influenced by key economic reports this week:
  
  
• Monday: ISM Manufacturing Index
  
• Tuesday: Job Openings and Labor Turnover Survey (JOLTs)
  
• Wednesday: ADP Employment Report
  
• Thursday: ECB Interest Rate Decision (June)
  
• Friday: Unemployment Rate (May) and Non-Farm Employment Report (May)
  
  These reports could cause significant volatility in the gold market, impacting the price movements throughout the week.

3 giu

Nota

the price bounced from their support line which is 2320 and reached the first resistance which is 2342

now will consolidate between these two prices, breaking those lines means will continue the direction to their side

4 giu

Nota

The price movement aligned with our previous analysis, pushing upwards to reach the resistance level before dropping back down.

Currently, the price is poised to target 2320. Should it fall below 2320, this would indicate the continuation of the bearish trend, with a subsequent target of 2302.