Last Thursday, gold price attempted to make a correction towards the $1930 PER ounce but was quickly rejected by the EMA-200/100 on the 4Hr time frame at $1929.814 which signifies that the bears are still in control in that region.
Last Friday, the price declines to 1919.085 at the time of market closure whereby the last two 4Hr candles closed below the trendline support that has been holding the bulls since 21st August 2023.
As long as the candles are closing below that trendline support signals the potential continuation of the bears movement down to the next significant level (1903).
Important news coming up this week which can alter the direction of the gold market so keep your eyes on the news on Wednesday to Friday. DXY has for the next consecutive 8 weeks been a bullish swing that could put more selling pressure on gold.
Wednesday: CPI
Thursday: PPI, retail sales and unemployment claims
Friday: Empire State Manufacturing Index and Prelim UoM Consumer Sentiment.
Resistance: 1925
Support: 1907, 1903, 1896
Last Friday, the price declines to 1919.085 at the time of market closure whereby the last two 4Hr candles closed below the trendline support that has been holding the bulls since 21st August 2023.
As long as the candles are closing below that trendline support signals the potential continuation of the bears movement down to the next significant level (1903).
Important news coming up this week which can alter the direction of the gold market so keep your eyes on the news on Wednesday to Friday. DXY has for the next consecutive 8 weeks been a bullish swing that could put more selling pressure on gold.
Wednesday: CPI
Thursday: PPI, retail sales and unemployment claims
Friday: Empire State Manufacturing Index and Prelim UoM Consumer Sentiment.
Resistance: 1925
Support: 1907, 1903, 1896
