Gold Retesting Previous Support
As anticipated, gold is currently making a correction after price fell from 2032 to 1986. It broke the support around 2015 which is expected to be retested. The chart indicates that the gold market is at a key level, facing resistance near the $2015 mark. If gold sustains above this level, it could indicate a bullish breakout, potentially targeting the next resistance levels. Otherwise, price will retest that level and confirm it as a resistance and push further down.
Technical analysis: Gold created a descending channel it is currently moving inside of. It bounced of the lower timeline of the channel and a major support around 1986, as it is recovering it is on its way to test the upper trendline of the channel and retest an important support it broke out of. The key level just below $2007 is being retested, with the major support at around $1986 holding firm. If we see price hold above the key level, it is going to try to break the 2015 level and if it does break and close above it, it will move higher up and that would show a reversal of the trend as the price would break an very important level and break out of the channel. Although, as the dollar keeps getting stronger, the higher probability is that we see gold move lower. If price doesn't hold above the key level, it is likely that we see a push to the support area around 1986.
Our position: Given the recent positive wave of reports from the US which lead to a stronger dollar, the outlook for gold is cautiously bearish. We are looking for confirmations of trend for potential short positions. However, with building permits and other economic reports due to release today, volatility is expected, and positions should be managed with vigilance.
Technical analysis: Gold created a descending channel it is currently moving inside of. It bounced of the lower timeline of the channel and a major support around 1986, as it is recovering it is on its way to test the upper trendline of the channel and retest an important support it broke out of. The key level just below $2007 is being retested, with the major support at around $1986 holding firm. If we see price hold above the key level, it is going to try to break the 2015 level and if it does break and close above it, it will move higher up and that would show a reversal of the trend as the price would break an very important level and break out of the channel. Although, as the dollar keeps getting stronger, the higher probability is that we see gold move lower. If price doesn't hold above the key level, it is likely that we see a push to the support area around 1986.
Our position: Given the recent positive wave of reports from the US which lead to a stronger dollar, the outlook for gold is cautiously bearish. We are looking for confirmations of trend for potential short positions. However, with building permits and other economic reports due to release today, volatility is expected, and positions should be managed with vigilance.
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