JRFX-Daily Gold Price Trend Analysis-June 17, 2024
Weekly Time Frame Gold Price Chart: The gold price has rebounded from the Neckline support of the Double Top pattern in the $2,290/2,300 price zone, and is now moving in a Sideway along the blue Channel resistance. Looking at the price trend in the medium term, the price has the opportunity to move down towards the 20-week moving average (green line) at around $2,257.
Daily Time Frame Gold Price Chart: The gold price is still moving without a clear trend direction. On Friday, the price went up to test the EMA 20-day resistance zone at around $2,333, and this morning it started to decline after encountering the resistance. The probability of a Head And Shoulders pattern forming with a Neckline at the $2,290 level still remains. Overall, the price today has the chance to test the EMA and continue to move down. The next strong Impulsive downward movement is likely to be towards the EMA 120-day (orange line) at around $2,224.
4-hour Time Frame Gold Price Chart: The gold price is within a Down Trend Channel structure with the blue line. Yesterday, the price broke out above the BB Middle Bands at around $2,314 and has started to retrace lower this morning. The price is expected to have a chance of not moving through the BB Middle Bands and continuing to test the resistance at $2,345.
1-hour Time Frame Gold Price Chart: The chart shows overall price volatility with an unclear trend structure. The price has frequently tested the resistance zone and Supply Zone at $2,340. Initially, the price is expected to have a tendency to move up to the Fibonacci Retracement level of 61.8% in the $2,345-$2,350 range. Gold is a low-risk asset but has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.
The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.
Weekly Time Frame Gold Price Chart: The gold price has rebounded from the Neckline support of the Double Top pattern in the $2,290/2,300 price zone, and is now moving in a Sideway along the blue Channel resistance. Looking at the price trend in the medium term, the price has the opportunity to move down towards the 20-week moving average (green line) at around $2,257.
Daily Time Frame Gold Price Chart: The gold price is still moving without a clear trend direction. On Friday, the price went up to test the EMA 20-day resistance zone at around $2,333, and this morning it started to decline after encountering the resistance. The probability of a Head And Shoulders pattern forming with a Neckline at the $2,290 level still remains. Overall, the price today has the chance to test the EMA and continue to move down. The next strong Impulsive downward movement is likely to be towards the EMA 120-day (orange line) at around $2,224.
4-hour Time Frame Gold Price Chart: The gold price is within a Down Trend Channel structure with the blue line. Yesterday, the price broke out above the BB Middle Bands at around $2,314 and has started to retrace lower this morning. The price is expected to have a chance of not moving through the BB Middle Bands and continuing to test the resistance at $2,345.
1-hour Time Frame Gold Price Chart: The chart shows overall price volatility with an unclear trend structure. The price has frequently tested the resistance zone and Supply Zone at $2,340. Initially, the price is expected to have a tendency to move up to the Fibonacci Retracement level of 61.8% in the $2,345-$2,350 range. Gold is a low-risk asset but has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.
The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.