Here is the market outlook on Gold sport for next week. It is a clear projection of what is possibly going to happen on gold from tomorrow.
ANALYSIS:
In monthly timeframe price has kept on holding with the bullish momentum since the beginning of March. With such stronger bullish momentum in March and April candlesticks it may suggest that, price I'm in formation of the third wave of the price move to the upside.
In weekly timeframe there is a clear three wave swing to the upside with the current three wave move being the third wave of the expected five wave move to the upside in completion of the fifth wave in higher degree. Trendlines with at least two previous touches are meeting at one point creating a region with High possibility of the price turn.
In daily timeframe as it was in previous week analysis, there is a clear loss of momentum resulting is divergence when comparing to RSI movement. Trendlines are also clearly showing a possible region for price touch to the upside.
In four hour timeframe there is a possible expanding channel which has been respected by price several times from the past. Currently price is approaching the upper channel of the expanding channel. Due to presence of psychological level 2400 near the region where the upper channel is passing, therefore, possibly next week gold is going to hit the mentioned level.
PRIMARY PROJECTION;
Consider selling when price break the lower channel in H4 timeframe then move and close bellow 2266. Or watch for sell opportunities formed when price is trading around 2400.
ALTERNATIVE PROJECTION;
Consider short term buys when price bounce to the lower channel of the expanding channel in H4 timeframe with targets near 2400 level.
ANALYSIS:
In monthly timeframe price has kept on holding with the bullish momentum since the beginning of March. With such stronger bullish momentum in March and April candlesticks it may suggest that, price I'm in formation of the third wave of the price move to the upside.
In weekly timeframe there is a clear three wave swing to the upside with the current three wave move being the third wave of the expected five wave move to the upside in completion of the fifth wave in higher degree. Trendlines with at least two previous touches are meeting at one point creating a region with High possibility of the price turn.
In daily timeframe as it was in previous week analysis, there is a clear loss of momentum resulting is divergence when comparing to RSI movement. Trendlines are also clearly showing a possible region for price touch to the upside.
In four hour timeframe there is a possible expanding channel which has been respected by price several times from the past. Currently price is approaching the upper channel of the expanding channel. Due to presence of psychological level 2400 near the region where the upper channel is passing, therefore, possibly next week gold is going to hit the mentioned level.
PRIMARY PROJECTION;
Consider selling when price break the lower channel in H4 timeframe then move and close bellow 2266. Or watch for sell opportunities formed when price is trading around 2400.
ALTERNATIVE PROJECTION;
Consider short term buys when price bounce to the lower channel of the expanding channel in H4 timeframe with targets near 2400 level.