GOLD: Back from 3795 with target 4000

3 hari lalu

GOLD: Back from 3795 with target 4000

After gold reached 3871.6 earlier today, we saw a strong sell-off that occurred as a profit-taking moment, pushing the price down to 3795.

Currently, buyers are still strong and as long as the price stays above 3795, I don't see any hope for a down move yet. Gold remains in a clear and strong uptrend.

It seems like everyone is trading only gold. It seems like all the market volume is invested only in gold :)

As we can see, the US reported good JOLT data 7.22M vs. 7.2M, but again the US dollar is weak.

The targets are still valid as in the last analysis I posted.
Main targets: 3850; 3900; 3950 and 4000

You may find more details in the chart!
Thank you and Good Luck!

❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️

kelmarin

Dagangan aktif

Yesterday, after my analysis, gold climbed to 3875.45.

At first, the rise was linked only to rumors about a possible U.S. government shutdown. Today, the news confirmed that the U.S. government has indeed started shutting down most operations after Congress failed to pass a funding bill.

However, now that the news is official, gold is not moving much.

We need to be cautious of sudden selling pressure that could push the price back down to 3795, from where it might bounce again (red scenario).

On the other hand, if gold breaks above the 3875.40 resistance zone, it could extend gains and continue its upward trend toward higher targets (blue scenario).

Overall, the situation remains uncertain and tricky.