JRFX | Daily Gold Price Analysis-July 19, 2024
Trade XAUUSD ——tight spread, 0 commissionWeekly 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.
![1721371921309.png 1721371921309.png](https://www.earnforex.com/forum/data/attachments/28/28156-1ce793e64514c3ca8afb6421935ed81f.jpg)
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.
![1721371927106.png 1721371927106.png](https://www.earnforex.com/forum/data/attachments/28/28157-a8dce33f72945d2972066a0c6a070d2d.jpg)
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.
![1721371932362.png 1721371932362.png](https://www.earnforex.com/forum/data/attachments/28/28158-dbafa5b960410f10c192107804de1672.jpg)
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.
![1721371939277.png 1721371939277.png](https://www.earnforex.com/forum/data/attachments/28/28159-df46e79dcce789a1fb6d31ebd0a50005.jpg)
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.