What's next for gold?
Güncellendi
The weekly timeframe has finally closed above the consolidation zone, breaking and holding above the weekly resistance level. We now expect this resistance to be retested and potentially turn into support. Friday's NFT data saw us push up to the all-time high resistance level before pulling back, though we managed to recover. Both the technical structure and fundamentals are signaling a bullish outlook.
Friday's close also brought news of increased geopolitical tensions, which could significantly impact gold prices. Over the weekend, any further developments could result in a gap up at market open. Notably, Iranian Leader Ali Khamenei posted on X, predicting Israel's disappearance while sharing an image of missiles. An advisor to the Iranian Foreign Minister also issued a warning: "Leave, they are coming." As tensions rise and with rate cuts being discussed following this week's FOMC meeting, gold, as a safe haven asset, appears poised to reach new highs.
On the 4-hour timeframe, there's a clear, strong uptrend, which also captured Friday's sharp drop. As long as this trend and the weekly resistance hold, the structure remains bullish.
On the 1-hour timeframe, the key levels to watch are 2451 to 2454, where we might encounter resistance. Breaking above this zone and establishing support would open the door to a clean move up to 2466. The next resistance zone from 2466 to 2478 marks the all-time high.
Friday's close also brought news of increased geopolitical tensions, which could significantly impact gold prices. Over the weekend, any further developments could result in a gap up at market open. Notably, Iranian Leader Ali Khamenei posted on X, predicting Israel's disappearance while sharing an image of missiles. An advisor to the Iranian Foreign Minister also issued a warning: "Leave, they are coming." As tensions rise and with rate cuts being discussed following this week's FOMC meeting, gold, as a safe haven asset, appears poised to reach new highs.
On the 4-hour timeframe, there's a clear, strong uptrend, which also captured Friday's sharp drop. As long as this trend and the weekly resistance hold, the structure remains bullish.
On the 1-hour timeframe, the key levels to watch are 2451 to 2454, where we might encounter resistance. Breaking above this zone and establishing support would open the door to a clean move up to 2466. The next resistance zone from 2466 to 2478 marks the all-time high.
Not
Gold failed to keep above 2451 to 2454 area we discussed as a watch point on Saturday. Dropping to 2365 although gold is recovering the next place to watch is 2424 this area could provide extra selling pressure.
Feragatname
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