GOLD: Consolidation in short term?

8 Haz 2023

From a technical point of view, trend is bearish on intraday chart and it could still trigger some consolidation. On the H1 chart it is possible to develop an interesting harmonic structure with Target around 1.918 and 1.900.
In long term however, the main trend is still bullish at the moment.

Trade with care!
Like 🚀 if my analysis is useful.
Cheers!

8 Haz 2023

Not

Gold rose on Thursday on a slight pullback in the dollar but investor caution surrounding the Federal Reserve's interest rate strategy and other economic cues that may influence it kept bullion hemmed in a relatively tight range.
Spot gold rose 0.4% to $1,946.58 per ounce by 0937 GMT after shedding 1% in the previous session. U.S. gold futures rose 0.2% to $1,961.50.
Offering some respite to gold, the dollar index eased 0.2%, but was still close to its highest in nearly three months.

The upside for gold is likely to be limited ahead of next week's US CPI report and Fed meeting, said Michael Hewson, chief market analyst at CMC Markets, adding a weak CPI report could prompt a rebound in prices towards the $1,980 levels.
Other analysts have also said gold was likely to be rangebound ahead of the U.S. consumer inflation print on June 13 and the Fed meeting on June 13-14.
Gold needs to hold technical support at about $1,920 for a possible return to the $2,000 levels, Hewson added.
Economists polled by Reuters see the Fed pausing on interest rates for the first time in more than a year at its meeting. The CME's Fedwatch tool, meanwhile, pegged chances of a pause next week at about 64.4%, and a 51% chance of a rate increase in July. Higher interest rates dull the appeal for zero-yield bullion.

"Even if there is a pause at the next meeting, there are likely to be further rate hikes as inflation remains at extreme levels," said Clifford Bennett, chief economist at ACY Securities.

Capping gold's upside, benchmark U.S. Treasury yields US10Y held close to a two-week high.

8 Haz 2023

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...rebound in play

8 Haz 2023

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8 Haz 2023

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...caution after data released

8 Haz 2023

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8 Haz 2023

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8 Haz 2023

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new updates:

8 Haz 2023

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8 Haz 2023

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swing support:

9 Haz 2023

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Key Momentum Area:

10 Haz 2023

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First of all I want to apologize for posting all these updates, this happens when things don't go your way and technical analysis gets complex. That said, before the weekly close we saw approaching our support area before reaching the key resistance area around 1.974/1.980.


At the same time though, we still cannot rule out a bullish consolidation during the next few sessions before the completion of our harmonic structure (if it won't fail).


In conclusion, I would also like to share a mid-term analysis on daily chart during this weekend, let's see...

12 Haz 2023

Not

Well, our analysis appears to be correct. it is currently below our initial setup area around 1.959. Those who want can close the trade without loss, while the audacious can try to let the position run.
Having said that, if you are interested in a long-term analysis (Fundamental) you can follow it on the chart below:

13 Haz 2023

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Updates:

13 Haz 2023

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13 Haz 2023

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Gold still remains under pressure on small time frame and the harmonic structure could work as a slingshot during the FOMC announcement tomorrow, we'll see..

14 Haz 2023

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🔴 New updates in analysis below:

15 Haz 2023

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21 Haz 2023

İşlem kapandı: hedefe ulaştı

Target 1

29 Haz 2023

İşlem kapandı: hedefe ulaştı

🔴 Target 2:

30 Haz 2023

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🔴 Rebound in short Term?
(Click on chart below)

30 Haz 2023

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🔴 Potential "Hammer Pattern" on daily chart:

2 Tem 2023

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🔴 Our harmonic structure is also working properly on bullish side:

2 Tem 2023

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🔴 Short Term Analysis for next week: