FX.co ★ GOLD: Technical analysis of the situation

GOLD

Bulls have once again set a new high and marked a new historical peak (2,222.42), but during the same period last week, they only managed to close with a long upper shadow, losing support for the daily short-term trend (2,184.02). Given the current situation, bullish players now need to exert considerable effort to regain their positions.

Conversely, if bears strengthen their sentiments and manage to confirm the recent achievements, market attention will shift towards the liquidation of the daily golden cross, with the next levels currently situated at 2,141.59 - 2,116.63 - 2,091.66. Daily levels are supported by weekly levels at 2,103.09 and 2,064.27. Interaction within this support zone will determine further potential market developments.

H4 - H1

On lower timeframes, the market is currently fighting for possession of the weekly long-term trend (2,167.60). This level is responsible for the current balance of power. Trading above the trend ensures the presence of the main advantage. At the time of analysis, bulls hold the main advantage. The bullish benchmarks for continuing the ascent within the day today will be the resistances of classic pivot points (2,181.40 - 2,197.95 - 2,210.33).

If the bulls lose support at key levels 2,169.04 - 2,167.60 (central pivot point of the day + weekly long-term trend), then attention and the balance of power will shift to the bears' side. Bearish sentiments can be strengthened today by passing through the supports of classic pivot points (2,152.49 - 2,140.13 - 2,123.58).

The technical analysis of the situation uses:

Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levels

H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)