Gold Market Update: Key Signals You Need to Watch!
Gold Market Update: Key Signals You Need to Watch!
Gold Market Update: Key Signals You Need to Watch!
Gold Market Update: Key Signals You Need to Watch!
K Karthik Raja (Market Educator & Technical Analyst)
MCA | MBA | M.Com | MSc Psychology | PGJMC | CST | MDAT | CFA Pursuant
Chart Pattern
- The price action follows a strong uptrend with higher highs and higher lows.
- A pullback is seen near the recent highs, possibly forming a flag or consolidation before the next move.
- Moving averages (MA) suggest bullish momentum, with shorter MAs staying above longer ones.
Dow Theory
- The market structure supports an uptrend, following Dow Theory principles.
- Higher highs and higher lows confirm bullish strength.
- Any break below key support levels could indicate a trend reversal.
Upcoming Events
- FOMC meeting or US economic data (NFP, CPI, GDP) could drive volatility in gold.
- Geopolitical risks and interest rate decisions will impact gold's price movement.
Observations
- RSI (14) at 44.69 suggests neutral momentum, indicating neither overbought nor oversold conditions.
- Momentum (14) is near 99.83, showing slowing bullish momentum.
- Volume is fluctuating, meaning breakout confirmation needs strong volume support.
Final Takeaway
- Gold remains in a strong uptrend, but current resistance levels might cause short-term pullbacks.
- A confirmed breakout above recent highs will signal continued bullish momentum.
- If price breaks below the support trendline, a correction may occur.
Breakout Strategy (Bullish)
Entry: Above 3140 (confirmed breakout)
Stoploss: Below 3120
Target 1: 3160 | Target 2: 3180 | Target 3: 3200
Breakdown Strategy (Bearish)
Entry: Below 3100 (confirmed breakdown)
Stoploss: Above 3125
Target 1: 3080 | Target 2: 3050 | Target 3: 3020
Disclaimer
This analysis is for educational and informational purposes only. It does not constitute financial advice. Always consult a professional before making investment decisions.
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