JRFX | Daily Gold Price Analysis-August 19, 2024
Weekly Gold Price Chart: Last week, the price broke out of the Price Consolidation range within the Symmetric Triangle pattern and rallied strongly to make a new all-time high at $2,510. Based on the price structure, there is a possibility of a pullback, as the price is approaching the resistance of the price channel. However, the probability of a pullback is currently low due to the strong momentum of the breakout. The key support level on the weekly chart is the 20-week EMA at around $2,362.
Daily Gold Price Chart: Last Friday, the price broke out of the channel resistance at around $2,496 and also breached the Symmetric Triangle pattern support (blue dotted line) at around $2,477. This suggests that the price may see a pullback in the near term to test the breakout levels. The probability of a minor pullback to not more than $2,485 is present. The support level at the BB Middle Bands is around $2,428.
4-hour Gold Price Chart: The chart shows an Extension price structure, with the price rising after retracing from the Swing High at $2,479 to the Swing Low at $2,432. The price has tested the 161.8% Fibonacci Extension level at around $2,509. This morning, the price is retracing, with the potential to pull back briefly to a level not exceeding $2,485. If the price breaks below $2,485, consider opening a SHORT trade. However, if the price remains above $2,485, consider opening a LONG trade.
1-hour Gold Price Chart: The price has returned to trade above the red Support/Resistance Flip line. This morning, after testing the 161.8% Fibonacci Extension, the price has pulled back. It is expected to continue higher to test the next Fibonacci Retracement level at 200.0%, around $2,528. Today, it is recommended to look for opportunities to BUY on pullbacks, targeting the $2,496 and $2,485 levels. Gold is a low-risk asset but has high price volatility, so it is advised to trade with caution, mindfulness, and appropriate risk management.
The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.
Weekly Gold Price Chart: Last week, the price broke out of the Price Consolidation range within the Symmetric Triangle pattern and rallied strongly to make a new all-time high at $2,510. Based on the price structure, there is a possibility of a pullback, as the price is approaching the resistance of the price channel. However, the probability of a pullback is currently low due to the strong momentum of the breakout. The key support level on the weekly chart is the 20-week EMA at around $2,362.
Daily Gold Price Chart: Last Friday, the price broke out of the channel resistance at around $2,496 and also breached the Symmetric Triangle pattern support (blue dotted line) at around $2,477. This suggests that the price may see a pullback in the near term to test the breakout levels. The probability of a minor pullback to not more than $2,485 is present. The support level at the BB Middle Bands is around $2,428.
4-hour Gold Price Chart: The chart shows an Extension price structure, with the price rising after retracing from the Swing High at $2,479 to the Swing Low at $2,432. The price has tested the 161.8% Fibonacci Extension level at around $2,509. This morning, the price is retracing, with the potential to pull back briefly to a level not exceeding $2,485. If the price breaks below $2,485, consider opening a SHORT trade. However, if the price remains above $2,485, consider opening a LONG trade.
1-hour Gold Price Chart: The price has returned to trade above the red Support/Resistance Flip line. This morning, after testing the 161.8% Fibonacci Extension, the price has pulled back. It is expected to continue higher to test the next Fibonacci Retracement level at 200.0%, around $2,528. Today, it is recommended to look for opportunities to BUY on pullbacks, targeting the $2,496 and $2,485 levels. Gold is a low-risk asset but has high price volatility, so it is advised to trade with caution, mindfulness, and appropriate risk management.
The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.
