#GOLD ⟶ READY TO SOAR?!
📌As recent reports indicate, a slowdown in job growth in the United States has prompted the Federal Reserve to consider lowering interest rates. A reduction in interest rates typically leads to a depreciation of the US dollar as investors seek higher returns in other currencies. This depreciation can, in turn, increase demand for Gold as a safe-haven asset, driving up its price.
📌However from a technical standpoint we have very important supports that can be consistent with this viewpoint and bullish targets that have not yet been achieved (see my previous analysis). But in the following, I want to address the idea of short-term trading. Despite the high probability of Gold 's growth, for today, we have important levels that will determine the next move👇👇👇
🔥1-Hour Gold Analysis
💰This is a trading plan for the next short-term move📈📉
💸Gold has broken above the bearish trendline on the 1-hour timeframe and is trading above the 2511.410-2508.733 support zone.
✅Bullish Scenario: As long as the aforementioned support zone and the bearish trendline are not reclaimed, the bias is bullish towards targets of 2541.052-2544.203, followed by 2568.650 and ultimately 2585.
💰formation of a bullish reversal pattern at this support zone or a breakout of the lower timeframes' bearish trendline could confirm the bullish move🚀
✅Bearish Scenario: However, if the price consolidates below the 1-hour timeframe support zone and bearish trend-line, today's move is bearish towards targets of 2488.332 and ultimately the 2466.520-2473.260 zone.
🔥Conclusion: The primary bias is bullish, but strict adherence to the bullish scenario's stop-loss and the condition for a bearish reversal is crucial.
🔥Note that a breakout below the bearish trendline often results in a retest, offering a potential short opportunity at a higher price. Although, this retest is not guaranteed😉
📌However from a technical standpoint we have very important supports that can be consistent with this viewpoint and bullish targets that have not yet been achieved (see my previous analysis). But in the following, I want to address the idea of short-term trading. Despite the high probability of Gold 's growth, for today, we have important levels that will determine the next move👇👇👇
🔥1-Hour Gold Analysis
💰This is a trading plan for the next short-term move📈📉
💸Gold has broken above the bearish trendline on the 1-hour timeframe and is trading above the 2511.410-2508.733 support zone.
✅Bullish Scenario: As long as the aforementioned support zone and the bearish trendline are not reclaimed, the bias is bullish towards targets of 2541.052-2544.203, followed by 2568.650 and ultimately 2585.
💰formation of a bullish reversal pattern at this support zone or a breakout of the lower timeframes' bearish trendline could confirm the bullish move🚀
✅Bearish Scenario: However, if the price consolidates below the 1-hour timeframe support zone and bearish trend-line, today's move is bearish towards targets of 2488.332 and ultimately the 2466.520-2473.260 zone.
🔥Conclusion: The primary bias is bullish, but strict adherence to the bullish scenario's stop-loss and the condition for a bearish reversal is crucial.
🔥Note that a breakout below the bearish trendline often results in a retest, offering a potential short opportunity at a higher price. Although, this retest is not guaranteed😉
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