Gold saw an increase in value yesterday, but it formed a Spinning Top candlestick pattern. This pattern, known as a Spinning Top, indicates a balance between supply and demand throughout the trading day. The D1 candle closed above the upper boundary, possibly signaling an overbought situation, which could lead to a potential downward correction. Additionally, there is a significant resistance zone above, comprising the psychological level of 2000 and a previous peak. Given the overbought conditions, it is not advisable to pursue buying opportunities at this moment.
On the H1 chart, gold is currently testing the resistance represented by the previous peak. Considering the overbought conditions on the D1 timeframe and the confluence of resistance levels, it is prudent to exercise caution when considering buying or chasing the price higher on the H1 chart. It may be more reasonable to wait for a potential price decrease before considering a buying strategy.
On the H1 chart, gold is currently testing the resistance represented by the previous peak. Considering the overbought conditions on the D1 timeframe and the confluence of resistance levels, it is prudent to exercise caution when considering buying or chasing the price higher on the H1 chart. It may be more reasonable to wait for a potential price decrease before considering a buying strategy.
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The Israeli army increased its bombing of southern Gaza despite efforts from the international community to call for a halt to the fighting. Reuters quoted City Index senior analyst Matt Simpson as saying that with the conflict in the Middle East unlikely to escalate immediately, gold may find it difficult to break the $2,000 threshold.
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Today's Economic Calendar USD:
- Advance GDP q/q
- Unemployment Claims
- FOMC Member Waller Speaks
- Advance GDP q/q
- Unemployment Claims
- FOMC Member Waller Speaks
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Everything is under control
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World gold prices increased this morning with spot gold increasing by 21.7 USD to 2,005.6 USD/ounce
