Weekly Chart show a Possible bearish reversal with Shooting star and Inverted Hammer kind of candle structure. Daily Chart show a spinning top followed by bearish candle.
Hourly chart show a Double top/double rejection at 2180 a Head and shoulder structure in making.
So what is next?
This is possible reversal or strong retracement of the bullish trend. So what levels we should watch?
Well first level is 2150.50 but more importantly 2144.80 the previous all-time high. If 2144.80 breaks with 1H & 4 H candle close below it. We will be going towards 2132.25 level the 20 DMA then price will take temporary support from 2132.25 level and go towards 2100.
Fundamental side, I think the Gold has taken effect of June Rate cut. Now Gold will start going up with real rate cut by FED and World wide.
On flip side if price crossed above 2185.50, it will negate the bearish reversal (Less probable).
Also on contrary side the middle situation and Russian concert shooting situation can spark things in geopolitical peace and increase demand for safe heaven Gold.
I will go with the technical.
Good Luck!
Hourly chart show a Double top/double rejection at 2180 a Head and shoulder structure in making.
So what is next?
This is possible reversal or strong retracement of the bullish trend. So what levels we should watch?
Well first level is 2150.50 but more importantly 2144.80 the previous all-time high. If 2144.80 breaks with 1H & 4 H candle close below it. We will be going towards 2132.25 level the 20 DMA then price will take temporary support from 2132.25 level and go towards 2100.
Fundamental side, I think the Gold has taken effect of June Rate cut. Now Gold will start going up with real rate cut by FED and World wide.
On flip side if price crossed above 2185.50, it will negate the bearish reversal (Less probable).
Also on contrary side the middle situation and Russian concert shooting situation can spark things in geopolitical peace and increase demand for safe heaven Gold.
I will go with the technical.
Good Luck!