JRFX | Daily Gold Price Analysis-July 5, 2024
Weekly Gold Price Chart: The gold prices have been strongly rebounding this week, as part of a 4-week accumulation structure. If there are no changes during the Nonfarm Payrolls news today, the price is expected to test the $2,390-$2,400 resistance zone again. The Neckline support at $2,290 and the 20-week EMA green line around $2,270 will provide long-term support.
Daily Gold Price Chart: Today there is a scheduled release of the US Nonfarm Payrolls, Unemployment Rate, and Average Hourly Earnings data at 15:30 (GMT+3). In the daily timeframe, the price is moving up from the BB Middle Band and testing the BB Upper Band resistance around $2,372. The BB Middle Band support is around $2,329. There is a possibility that the price will break above the $2,370 zone to test the next high in the $2,390 zone. Alternatively, it may pull back to retest the BB Middle Band at $2,330.
4-hour Gold Price Chart: The gold price has been able to break above the resistance of the downtrend channel in the blue channel. After that, when the price tested the green supply zone, it came back to retest $2,350 and then continued to move up. The price is now consolidating at the beginning of the green supply zone, where the 20-period EMA (4H) in green is located at $2,350. However, due to an important news event today, in the medium term, the trend is expected to continue higher to $2,390-$2,400, but in the short-term, the price may pull back and consolidate in the $2,347-$2,340 demand zone before attempting to move up again.
1-hour Gold Price Chart: The gold price is in a blue uptrend channel. Currently, the price is testing the green supply zone between $2,363-$2,370. If it can break above, the price will likely move up to the previous high zone of $2,380-$2,390 from June 7th. However, if it fails to break higher, the price is likely to pull back and revisit the $2,347-$2,340 demand zone. This would be a good area to consider a long trade, with the first target at the $2,370 supply zone, and hoping for a breakout to the next zone above. Gold is a low-risk asset but has high price volatility. It is recommended to trade it 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 Gold Price Chart: The gold prices have been strongly rebounding this week, as part of a 4-week accumulation structure. If there are no changes during the Nonfarm Payrolls news today, the price is expected to test the $2,390-$2,400 resistance zone again. The Neckline support at $2,290 and the 20-week EMA green line around $2,270 will provide long-term support.
Daily Gold Price Chart: Today there is a scheduled release of the US Nonfarm Payrolls, Unemployment Rate, and Average Hourly Earnings data at 15:30 (GMT+3). In the daily timeframe, the price is moving up from the BB Middle Band and testing the BB Upper Band resistance around $2,372. The BB Middle Band support is around $2,329. There is a possibility that the price will break above the $2,370 zone to test the next high in the $2,390 zone. Alternatively, it may pull back to retest the BB Middle Band at $2,330.
4-hour Gold Price Chart: The gold price has been able to break above the resistance of the downtrend channel in the blue channel. After that, when the price tested the green supply zone, it came back to retest $2,350 and then continued to move up. The price is now consolidating at the beginning of the green supply zone, where the 20-period EMA (4H) in green is located at $2,350. However, due to an important news event today, in the medium term, the trend is expected to continue higher to $2,390-$2,400, but in the short-term, the price may pull back and consolidate in the $2,347-$2,340 demand zone before attempting to move up again.
1-hour Gold Price Chart: The gold price is in a blue uptrend channel. Currently, the price is testing the green supply zone between $2,363-$2,370. If it can break above, the price will likely move up to the previous high zone of $2,380-$2,390 from June 7th. However, if it fails to break higher, the price is likely to pull back and revisit the $2,347-$2,340 demand zone. This would be a good area to consider a long trade, with the first target at the $2,370 supply zone, and hoping for a breakout to the next zone above. Gold is a low-risk asset but has high price volatility. It is recommended to trade it 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.