Gold Price Analysis Archives - Iran News Daily

Gold Price, Plenty of Room to Upside on Breakout Over $1744.30

reporter 1222 — Tue, 16 Mar 2021 08:49:52 +0000

TEHRAN (Iran News) – Gold futures are edging higher late in the session on Monday as counter-trend traders continue to build a support base. The fundamentals are mixed during today’s session, the U.S. Dollar is up and Treasury yields are easing. But it’s a small sample so we’ll chalk up the moves as position-squaring ahead of the start of the Fed’s two-day meeting on Tuesday.

The price action also suggests that aggressive investors could be hedging their bets ahead of the Fed announcements on Wednesday. Although rising rates are likely to keep a lid on gold prices, there is always the possibility that economic growth will stall especially if the U.S. gets hit by a second wave of coronavirus or inflation takes off faster than expected.

Daily April Comex Gold

The main trend is down according to the daily swing chart. A trade through $1673.30 will signal a resumption of the downtrend. The main trend will change to up when buyers take out the last swing top at $1815.20.

The minor trend is also down. A trade through $1738.00 will change the minor trend to up. This will also shift momentum to the upside. A trade through $1696.60 will indicate that sellers have returned.

The minor range is $1673.30 to $1738.00. Its 50% level at $1705.70 is potential support.

The market is also trading inside a major retracement zone at $1711.70 to $1787.30. This zone is controlling the longer-term direction of the market.

The short-term range is $1815.20 to $1673.30. Its 50% level at $1744.30 is the next upside target and potential resistance.

Look for the upside momentum to continue as long as the market can hold above $1711.70. A downside bias could re-emerge if sellers can take out $1705.70.

Traders should watch the price action and read the order flow on a test of the potential resistance cluster at $1738.00, $1739.10, and $1744.30.

A trade through $1738.00 changes the minor trend to up. A move through $1739.10 will reaffirm the move and taking out $1744.30 could trigger an acceleration to the upside with $1787.30 the next likely upside target.

The post Gold Price, Plenty of Room to Upside on Breakout Over $1744.30 appeared first on Iran News Daily.

Gold Price Analysis: target a run to weekly support at $1,765

reporter 1222 — Tue, 09 Feb 2021 11:44:26 +0000

TEHRAN (Iran News) – As per the prior analysis, where gold was presumed to move higher given the structure and bullish chart formation, explained here, the bulls did indeed extend to the target:

Live market, 1-hour chart

Here was the prior analysis:

And here it was from a daily perspective, noting the M-formation and target at the neckline:

“Gold Price Analysis: Bears to target a run to weekly support at $1,765”

What now?

There is still room for some additional gains to the upside from where it will be made or break time. ”

Daily chart, gold

An extra push deeper into the bear’s lair could be on the cards in a fuller test of the resistance area.

A break of which will open prospects of a run to the prior highs and/or higher still.

If the bears jump on this from there, then a strong possibility will be for a downside extension of the last bearish impulse from which the price has been correcting to a 61.8% Fibonacci retracement.

However, from that juncture, the bulls will most probably step up to the plate to protect weekly support at $1,765:

Weekly chart, gold

“Gold Price Analysis: Bears to target a run to weekly support at $1,765”

The post Gold Price Analysis: target a run to weekly support at $1,765 appeared first on Iran News Daily.

Gold Price Analysis: XAU/USD fills the gap above $1,850 inside immediate ascending triangle

reporter 1222 — Mon, 01 Feb 2021 12:20:04 +0000

TEHRAN (Iran News) – Gold price drops to $1,851.39 while trimming the gains to 0.50% during Monday’s Asian session. In doing so, the yellow metal stays inside a short-term ascending triangle.

Gold price consolidates the intraday losses, drops toward filling the day-start gap on the upside. A two-week-old ascending triangle restricts short-term moves, bearish MACD favor sellers. Given the bearish MACD favoring the quote’s further downside, gold sellers will wait for a clear break of the triangle’s support, currently around $1,840, for fresh entries. Following that, gold prices the previous week’s low near $1,830 and January’s low near $1,802, also the $1,800 threshold, can entertain the commodity sellers. On the contrary, $1,870 can please the short-term buyers during the bullion’s fresh run-up.

It should, however, be noted that the bulls are likely to remain cautious until the gold prices rally beyond $1,875, comprising the highs marked since January 21. In doing so, the bulls will eye the mid-November 2020 top surrounding $1,900. Overall, gold prices are likely fading the upside momentum. Though, sellers are waiting for confirmation. Silver (XAG/USD) bulls remain unstoppable for the fourth straight trading session this Monday, as the price reached the highest levels since February 2013 at $30.06. The relentless rise in silver is mainly driven by the Reddit Group’s led retail-trader craze, who have now shifted their attention to silver while targeting the white metal at $1000/ ounce. Meanwhile, SD Bullion cited that the physical stock of silver is almost gone, further fuelling the rally in the precious metal.

24-hour view: “We highlighted last Friday that ‘downward pressure has eased’ and we expected EUR to ‘trade sideways within a 1.2085/1.2150 range’. EUR subsequently traded between 1.2092 and 1.2155 before closing slightly higher at 1.2136. While further sideway-trading would not be surprising, the weakened underlying tone suggests EUR could retest the 1.2090 level. The major support at 1.2050 is not expected to come into the picture. Resistance is at 1.2145 followed by 1.2160.”

Next 1-3 weeks: “There is not much to add to our update from last Thursday (28 Jan, spot at 1.2105). As highlighted, ‘shorter-term downward momentum is improving and the risk is shifting to the downside’. That said, EUR has to close below 1.2050 before a sustained decline can be expected. The odds for such a move are quite high unless EUR moves above 1.2180. Looking ahead, the next support below 1.2050 is at 1.2000.”

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