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GOLD
Gold shows no signs of stopping. The psychological level of 2600.00 was tested and subsequently breached in the past trading week, resulting in a new all-time high of 2625.27. We can now expect some slowdown or consolidation around the 2600.00 level. If the bulls continue to push the market upward, the next "round" levels of interest could be 2650.00 and 2700.00. However, if the bulls fail to maintain the market at the current positions, the development of a new corrective decline will primarily be guided by the support of the daily golden cross Ichimoku (2562.86 – 2558.42 – 2547.78 – 2517.12). A break below this daily cross would direct attention to support levels on the higher time frame, where the market will face the weekly short-term trend at 2488.96.
H4 – H1
Bullish traders hold the upper hand in the lower time frames and try to extend the trend movement and set new highs. As a result, the market closed near the weekly peak on Friday. With the opening of trading, new data on the location of classic Pivot levels will emerge. For intraday trading, resistance levels of the classic Pivot points will serve as reference points for the bulls. In a corrective decline, the most important value will result from interaction with the weekly long-term trend at 2582.32, as this level determines the current balance of power. A breakout and reversal of this trend could transfer the main advantage to the bears. Additional reference points for the bears will be the support levels of the classic Pivot points, whose updated values will also need to be monitored once the market opens.
Technical Analysis Includes:
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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