💡 GOLDOZ: Show Resilience with Second Consecutive Gain
🟢Gold saw its second consecutive day of gains today, following yesterday's positive performance. On the daily chart (D1), the price exhibited significant upward momentum, with a wide trading range, but it closed approximately halfway between the high and low, forming a spinning top candlestick pattern. This pattern, known as a Spinning Top, typically indicates a market in balance, with supply and demand levels closely matched throughout the trading day.
🟢Notably, the previous day's D1 candle closed above the upper boundary, suggesting the possibility of overbought conditions and potential for a downward correction. The price faces a strong resistance near the 2,000 zone, which may prove challenging to surpass. Nevertheless, the overall daily chart structure for Gold remains bullish.
🟢Turning to the hourly chart (H1), Gold is currently trading within a relatively narrow price range, indicating a period of sideways movement. The formation of higher highs and higher lows on the H1 chart suggests upward pressure. Given the overbought condition observed on the D1 chart and the presence of significant resistance, traders monitoring the H1 chart may consider waiting for a pullback before considering long positions.
🟢However, should the H1 price break below recent lows and start trending lower, a downtrend on the hourly chart could emerge, providing an opportunity to explore short positions.
🟢Notably, the previous day's D1 candle closed above the upper boundary, suggesting the possibility of overbought conditions and potential for a downward correction. The price faces a strong resistance near the 2,000 zone, which may prove challenging to surpass. Nevertheless, the overall daily chart structure for Gold remains bullish.
🟢Turning to the hourly chart (H1), Gold is currently trading within a relatively narrow price range, indicating a period of sideways movement. The formation of higher highs and higher lows on the H1 chart suggests upward pressure. Given the overbought condition observed on the D1 chart and the presence of significant resistance, traders monitoring the H1 chart may consider waiting for a pullback before considering long positions.
🟢However, should the H1 price break below recent lows and start trending lower, a downtrend on the hourly chart could emerge, providing an opportunity to explore short positions.
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Edward Moya, senior market analyst at OANDA, said the data “paints a picture of a very strong U.S. economy,” reinforcing the narrative that the Fed may need to raise interest rates more, which This is detrimental to gold
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In Europe, the European Central Bank (ECB) kept interest rates unchanged as expected, ending an unprecedented series of 10 consecutive interest rate increases. Market attention is now focused on the personal consumption expenditures (PCE) index report expected to be released on Friday. The data is expected to give the market more clues about the meeting. Fed policy next week.
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Gold touched the 2000 mark after the news of PCE Price Index m/m and Revised UoM Consumer Sentiment were announced.
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TAKE PROFIT: 1984
STOP LOSS: 1995