Gold has been on an uptrend path since a new low was updated at 1812 (Friday, 6th October 2023. The bulls took over from 1812 until there was a break of structure when the price updated the LH from 2013 (11th January) to 2002 on Wednesday, 17th January 2024. The break of structure could mean that if gold price fails to retest the recent HL of 2061 on the Daily, then the recent LH of 2002 will be retested in an attempt to update that LH to possibly 1974.
Price is expected to retrace to at least 50% level in 2020 before a potential rise to retest the 2060 level but the price is expected to have a strong resistance at 2045-2048 level. However, the fundamentals lining up for the week (Flash Manufacturing PMI, advance GDP m/m, unemployment claims, Core PCE price index m/m would actually determine the direction of the gold pricing and it is necessary to keep an eagle eye on the event proceedings.
A failure to break up the 2045-2048 resistance could mean the SELLERS may drive down the GOLD Price to 2002 and further plundering down to 1974 to confirm a new low update.
Price is expected to retrace to at least 50% level in 2020 before a potential rise to retest the 2060 level but the price is expected to have a strong resistance at 2045-2048 level. However, the fundamentals lining up for the week (Flash Manufacturing PMI, advance GDP m/m, unemployment claims, Core PCE price index m/m would actually determine the direction of the gold pricing and it is necessary to keep an eagle eye on the event proceedings.
A failure to break up the 2045-2048 resistance could mean the SELLERS may drive down the GOLD Price to 2002 and further plundering down to 1974 to confirm a new low update.
