Daily Gold Price Analysis by JRFX.com

[antonyyu3]

JRFX | Daily Gold Price Analysis-July 19, 2024​

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Weekly Gold Price Chart: The gold price is in an uptrend structure, but the latest price action has a high probability of forming a Sideway Up or 3-Drive pattern. On Wednesday, the price reached a new all-time high at $2,483, but was unable to break through the resistance of the blue channel and has been declining for the past 3 days. The 20-week EMA (green line) is currently around $2,302 and will provide long-term support for the price.



Daily Gold Price Chart: The price is moving within a blue price channel and has reversed from the resistance, forming a Sideway Up pattern. The recent price peaks were at $2,431, $2,450, and $2,483. Currently, the price is still trading in the upper part of the channel, which means it has a chance to test the blue resistance channel again, unless the price breaks below the $2,400 zone. In that case, the price is likely to move down and test the support of the Sideway Up pattern in the future.



4-hour Gold Price Chart: The price is gradually adjusting down from the resistance channel of the weekly timeframe. The price structure of the 4H timeframe has started to lose the uptrend pattern, without making new highs. It has broken through the green 20-period EMA line around the $2,445 level and moved down to the low area around $2,420. This suggests that the short-term trend is now turning bearish. Today, the price has a chance to move further down towards the support level around $2,400, with an expected price consolidation around $2,407.



1-hour Gold Price Chart: The price is currently testing the upper Uptrend Channel of the weekly timeframe, where a Bearish Divergence signal has formed before the pullback from $2,451. The price has broken below the $2,440 level and moved lower. Today, the focus is on shorting in two potential zones: around $2,442 and $2,451, targeting the $2,407 level. Gold is considered a low-risk asset but has high price volatility. It is recommended to trade it cautiously, with proper 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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-July 22, 2024​

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Weekly Gold Price Chart: The gold price is trading in a sideways up structure with a triple tap or 3-drive pattern, where the price has not been able to break above the resistance channel in the last 3 attempts. Last week, the candle closed as a bearish pin bar around the $2,400 level. At this point, the price has a tendency to move down and potentially retest the 20-week EMA (green line) around the $2,310 level in the medium term.



Daily Gold Price Chart: The price is moving within a blue channel and has pulled back from the resistance, creating a sideways up structure. The recent higher highs were at $2,431, $2,450, and $2,483. Currently, the price has pulled back and is consolidating around the $2,400 middle of the channel. At this zone, the price still has the potential to bounce back up in the short term. Traders should look for an opportunity to SHORT the current downtrend, with the next target being the support of the blue sideways up channel.



4-hour Gold Price Chart: The chart from last Friday showed a sharp price decline, with the price dropping to the $2,400 level. This $2,400 level has a support line at the midpoint of the price channel, and is a demand zone. The trading strategy for today is to wait for a price rebound to consider a SHORT position from the 20-EMA (green line) around the $2,420 level, with targets at the previous lows of $2,400 and $2,380.



1-hour Gold Price Chart: The price is currently resting on the support of the blue uptrend channel. This support is expected to provide a short-term price consolidation. If the price tests the $2,420 zone again today, it is recommended to consider a SHORT position based on the current price structure and momentum, with a target of $2,380. Gold is a low-risk asset, but has high price volatility. It is advised to trade gold carefully, with 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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-July 25, 2024​

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Weekly Gold Price Chart: The gold price this week has continued to move down from the Sideway Up structure in the form of a Triple Tap or 3-Drive pattern. In the previous week, the price moved up to make a new all-time high at $2,483, but did not break through the resistance of the blue channel frame in the 3 previous attempts. The price closed a Bearish Pin Bar around the $2,400 level. In the medium term, the price has a tendency to move down and consolidate around the green 20-week EMA at around $2,307 level.



Daily Gold Price Chart: The price structure is moving within an blue Ascending Channel and has pulled back from the resistance last week, causing a Sideway Up movement. The price reached the highest points at $2,431, $2,450, and $2,483 sequentially. The price has pulled back and is now consolidating around the $2,400 mid-channel level. This morning, the price has moved down to test the 61.8% Fibonacci Retracement level around $2,366, where the 50-day EMA at around $2,360 also provides support. The target for the price movement is still seen as the support of the blue Sideway Up Channel frame.



4-hour Gold Price Chart: The chart shows that the price has broken out below the 120-period EMA (4H) level at $2,392. This is also a breakout from the demand zone that had been supporting the price in the last 3 instances. There is a horizontal support level at $2,350 that is expected to provide a short-term retracement. The recommended trading approach for this period is to focus on SHORT positions when the price rebounds, with target levels at $2,350 and $2,330.



1-hour Gold Price Chart: The price has broken below the blue uptrend channel and is now in the orange rectangle zone around the $2,396 price level. It has also broken below the 480-period EMA (1H), which is the 20-day EMA, at around $2,392. This makes the trading approach and the daily outlook clear - to wait for a retracement to look for SHORT opportunities, with a consideration point at the $2,388 Swing Low from Tuesday, July 22, 2024. The initial downside target is $2,350. Gold is a low-risk asset but has high price volatility, so it is recommended 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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-July 29, 2024​

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Weekly Gold Price Chart: The gold price opened with a bearish candlestick, continuing the bearish trend from the previous week, with two consecutive bearish candlesticks. During the week, the price moved down to reach a low of $2,353, but there was buying pressure towards the end of the week, causing the price to close the week at $2,386. The overall weekly picture is still unclear, and this week there is a possibility of either a rebound or a move down to test the support of the blue channel line near the $2,330 level. The 20-week EMA (green line) is around the $2,315 price level.



Daily Gold Price Chart: The gold price is in a downtrend. On Friday, the price rebounded after testing the 50-day EMA (blue line) at around $2,360. This morning, the price has adjusted up to test the resistance zone around $2,400 and then pulled back. Going forward, the trading approach will still focus on SHORT, as long as the price trades below the $2,390-$2,400 zone. The price target for the movement is still the support of the blue Sideway Up Channel in the $2,330-$2,320 zone.



4-hour Gold Price Chart: The price has risen from Friday's level and reached a high of around $2,402 this morning. However, the price is still within the downtrend channel, indicated by the blue dotted line. The price is above the EMA 120 support (red ) line at around $2,390, which is a short-term support level. If the price does not break down below this support, it can continue to push higher. The trading recommendation is to use a Confirmation Entry strategy, where one enters a long position once the price breaks above the EMA 120 (red) line. The initial target would be the previous swing low at $2,350, and the next target would be $2,330.



1-hour Gold Price Chart: The price is trading within a Downtrend Channel shown in blue. This morning, the price has risen to test the supply zone in yellow, which is the resistance level of the Downtrend Channel. We can see that the price is still above the EMA 480 (1H), which is the 20-day EMA at around $2,390, and has not broken below the upward Speed Line. In terms of trading strategy, the breakout of the Speed Line or the $2,390 level should be used as the trigger for a SHORT trade. Alternatively, the formation of a Bearish Divergence signal on the 1H chart at the supply zone can also be considered as an opportunity to enter a SHORT trade, targeting the previous Swing Low at $2,350. Gold is a low-risk asset but has high price volatility. It is recommended to trade gold 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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-July 30, 2024​

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Weekly Gold Price Chart: This week, the gold price has continued to consolidate at the same level as the previous week's closing price. The price has a tendency to slow down while waiting for important economic news, particularly the US interest rate announcement that is scheduled to be released on Wednesday night into Thursday morning. The overall weekly picture is still unclear this week, with the possibility of both an upward reversal or a move down to test the blue channel support line around $2,330, which is around the 20-week EMA (green line) level of approximately $2,315.



Daily Gold Price Chart: Yesterday, the price moved up to test the $2,400 resistance zone and then pulled back, making a low of $2,370 before recovering again, resulting in an indecision bar at the close. Overall, the daily chart is still consolidating above the 50-day EMA support. Considering the key fundamental factors this week, in the near term, there is a possibility of both an upward adjustment or a downward correction, with the interest rate announcement and policy statements to be released tomorrow night being the key driving factors.



4-hour Gold Price Chart: The price was able to break below the short-term support of the 120-period EMA (red line) at the $2,390 level yesterday. The price then moved down to test the $2,370 support level and rebounded back towards the EMA level. Overall, the price is currently consolidating within a Symmetric Triangle pattern, suggesting a Confirmation Entry trading approach. It is recommended to wait for a breakout from the triangle before entering a new trade direction, and then consider trading in the direction of the breakout.



1-hour Gold Price Chart: the price has been moving within a Downtrend Channel (blue). Yesterday, the price pulled back from the Supply Zone (green) which coincided with the resistance of the Channel, adjusting from $2,400 down to the $2,370 zone and then bouncing back to test the 480-period EMA (1H), which is also the 20-day EMA. The price behavior and trend for today remain uncertain. It is recommended that traders wait for a breakout from the triangle pattern before considering a new trade direction based on the breakout. Gold is a low-risk asset but has high price volatility. It is advised to trade gold cautiously, with 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.

 

[liualston]

JRFX | Daily Gold Price Analysis-August 2, 2024​

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Weekly Gold Price Chart: This week, the gold price has risen strongly and has a high chance of reaching a new all-time high at the $2,500 level. The 20-week EMA (green line) is around $2,322. Today, the US will announce the Nonfarm Payrolls, Unemployment Rate, and Average Hourly Earnings data at 7:30 PM (UTC+7). The gold price is likely to experience high volatility during the news announcement, so it is advisable to trade cautiously and manage risks appropriately.



Daily Gold Price Chart: Yesterday, the price consolidated between the Fibonacci 78.6% and 61.8% levels, closing as an Indecision Bar with a slight decline. This morning, the price has moved up closer to yesterday's high of $2,462. Overall, the opportunity and trend to move up and test higher price levels, or the blue resistance channel, are still strong. The 20-day EMA support is at $2,406, which is also a psychological support level.



4-hour Gold Price Chart: The chart shows that yesterday, the price had a chance to pull back and test the previous day's high at $2,434-$2,330, and then continue to move up to the profit target at $2,458 as expected. The current price is currently trading above the green 20-period EMA line at around $2,432 and continuing to rise. There is a chance it could move up to test the blue dotted resistance line near the 88.6% Fibonacci level at $2,468.



1-hour Gold Price Chart: The gold price is moving along the uptrend channel structure, with the price dipping down to test the middle blue dotted line this morning and then bouncing back up. Overall, the price is still being controlled by the blue 50-period EMA (1H) line which is acting as a dynamic support. The likelihood of continued upward movement within the channel is high, and there is a chance the price could test the all-time high at $2,484 today. Gold is a low-risk asset but has high price volatility. It is recommended to trade it 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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-August 8, 2024​

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Weekly Gold Price Chart: At the beginning of this week, the gold price fluctuated heavily from the market open. However, on Tuesday, Wednesday, and Thursday, the gold price adjusted with low volatility. The price behavior during this period is starting to compress, with a lower High and a higher Low, indicating uncertainty in the direction of buying power from both the seller and buyer sides. The price trend is still waiting to choose a clear direction. The important support level for the weekly timeframe is still the 20-week EMA (Exponential Moving Average) line at the price level of $2,329.



Daily Gold Price Chart: The gold price is trading within the BB middle bands at around $2,413. The current price movement is in a symmetric triangle pattern, with the resistance line sloping down and the support line rising. The price trend for today is still unclear, with the possibility of moving in either direction. Overall, the price is still moving within the ascending channel in a sideways-up trend.



4-hour Gold Price Chart: The price is trading below the 50-period EMA (4H) blue line, which is acting as a downward pressure on the price. The price is also trading within the Swap Zone. Today's focus is on a SHORT position, targeting the price breakdown that occurred on Monday around the $2,424 level. For a LONG consideration, the focus remains on trading within the support frame of the triangle pattern around the $2,375 level.



1-hour Gold Price Chart: The price has broken out of the Uptrend Channel's support, which is now a Support/Resistance Flip. The red line will act as a downward pressure, but the price has broken out of the blue dashed Speed Line. In the 1H structure, there has been a break in the structure, and there is a tendency for a Break & Retest of the Speed Line. Therefore, in the short term today, the price has the opportunity to test the minor Speed Line, the red support line, with an initial support around $2,380. Gold is a low-risk asset but has high price volatility. It is recommended 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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-August 13, 2024​

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Weekly Gold Price Chart: This week's market opened with the weekly chart still maintaining an upward momentum, continuing from the previous week. However, the price is still capped by the resistance of the previous Price Consolidation range. The High and Low price range is starting to converge, with a lower High and a higher Low. The price trend is still waiting for a clear direction, but the current opportunity suggests the uptrend is more likely, given the price structure aligning with the broader trend. The important support for the weekly timeframe remains the 20-week EMA (green line) around the $2,345 price level.



Daily Gold Price Chart: Yesterday, the price rebounded strongly from the consolidation around the BB (Bollinger Bands) Middle at around $2,415, testing the resistance of the Symmetric Triangle pattern at around $2,477. Today, there is a possibility of a minor pullback, and the price may return to test the resistance line again. If it breaks through, there is a likelihood of moving to test the resistance of the Ascending Channel pattern around the $2,495-$2,500 price level.



4-hour Gold Price Chart: After the price tested the previous resistance at $2,477, which was the ceiling of the Symmetric Triangle pattern, the price structure in the 4-hour chart shows a reversal pattern. There is a possibility of a pullback or retracement, where the price may adjust downwards to the $2,455 price zone. For short-term traders, it may be prudent to wait for more clarity in the price structure or a re-test of the resistance line before considering a short position, to reduce the risk of trading against the current momentum.



1-hour Gold Price Chart: - The price has moved down rapidly after hitting the resistance of the Symmetric Triangle pattern's blue dotted line. Currently, the price has returned above the red Speed Line and is consolidating at the support of the Speed Line. From this point, there are two possibilities - the price may pull back to the $2,455 demand zone, and then bounce back up to retest the previous high at $2,477, or it may rebound to test the resistance line and the previous high again. Gold is a low-risk asset, but it has high price volatility. It is advised to trade gold cautiously, with 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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-August 15, 2024​

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Weekly Gold Price Chart: The price is still trading above the previous week's closing price. Yesterday, it tested the high of 2 weeks ago, but there was a Fakey and it adjusted lower. The price is still stuck at the resistance of the Price Consolidation range, where the movement range of the high and low prices is starting to converge, with a lower High and a higher Low. The price trend is still waiting to choose a clear direction. The key support of the weekly timeframe is still the 20-week EMA, the green line at the $2,345 price level.


Daily Gold Price Chart: Yesterday, the price went up to test the resistance of the Symmetric Triangle, the blue dashed line at around $2,477, but there was a False Break and it reversed down from the resistance, closing as a Bearish candle. Today, there is a chance of bouncing up to continue the downtrend. The support is at the BB Middle Bands around $2,418.



4-hour Gold Price Chart: The price has reached a previous high of $2,479 and formed a false break, reversing back from the Symmetric Triangle resistance. The price structure in the 4H frame shows a Triple Top reversal pattern and a break below the $2,460 Neckline, moving down to make a Swing Low at $2,338. Today, the $2,460 level will be a resistance, and $2,440 will act as support. It is expected that the price will continue to move lower, at least to test the previous low at $2,440.



1-hour Gold Price Chart: The price has broken below the red Speed Line, breaking out of the Neckline after forming a Triple Top at the resistance of the symmetric triangle. Today, the focus is on SHORT based on the current momentum. The key levels to consider are $2,460 and the red resistance line. The first target is $2,440, and the next target is $2,430. Gold is a low-risk asset, but it has high price volatility. It is recommended 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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-August 16, 2024​

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Weekly Gold Price Chart: The gold price is still trading above the previous week's closing price. It went up to test the recent 2-week high of $2,477, but a Fakey pattern formed and it pulled back. The price is still testing the resistance of the Symmetric Triangle consolidation pattern. The price trend is still waiting to choose a clear direction. The key support level on the weekly timeframe is still the 20-week EMA at around $2,345.


Daily Gold Price Chart: This week, the price still could not break above the resistance of the Symmetric Triangle pattern, the blue dotted line, at around $2,477. A false break occurred on Wednesday, and the price reversed down, forming a bearish candlestick on Thursday. There was high intraday volatility, with the price swinging up and down. Today, there is a higher chance of a slight pullback, with support at the Bollinger Bands middle around $2,421.


4-hour Gold Price Chart: The chart shows a Triple Top reversal pattern, with the price breaking below the Neckline at $2,460 and then moving down to make a Swing Low at $2,338 yesterday. The price has since retraced back up to $2,470 and is now testing the support of the 4H EMA 50. A lower low has been formed at $2,432, and the price is now testing the $2,460 resistance level again. This will be a point of price pressure, with $2,440 providing support. The forecast is for the price to move down to test the previous low of $2,440 today.


1-hour Gold Price Chart: The price has formed a new Descending Channel structure (in blue). The price is currently consolidating around the $2,460 resistance level. The forecast is for the price to have a Retracement move down to test the $2,440 zone again, in line with the current trend structure. Gold is a low-risk asset but has high price volatility. It is recommended 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.

 

[antonyyu3]

JRFX | Daily Gold Price Analysis-August 19, 2024​

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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.