Gold Trend 24/02 - Take advantage of the S-T sideway range!
Two weeks ago, the U.S. and Russia began negotiations for a ceasefire, causing gold prices to plummet from their high of $2,940 before the weekend. However, as the weekend passed without any progress, gold prices rebounded after opening on Monday, rising from their lowest point of $2,879 to a new high of $2,954 in the European session on Thursday.
Yet, after surpassing the previous high, gold prices did not continue to rise and retreated to around $2,935 before the weekend close.
Last week, gold prices attempted to break through the high three times but failed to stay above $2,945. The failure to break through suggests that selling pressure remains strong above $2,945, new news or economic figures are needed to stimulate the price to go for a new high. This week, we will be watching the U.S. GDP for Q4 on Thursday and the U.S. PCE inflation data on Friday.
1-hour chart (above) > The upward trend shows signs of slowing down. The upward support has slowed down from (1) to (1.1), and the trend has entered a relatively sideways state. The operating range is temporarily 2920-55(2) before the price escape.
Daily chart (above) > The overall trend fluctuates at a high level in the range of 2920-55, waiting for a breakout. You can still seize the opportunity to buy on the 10-day line, just like the last 2 weeks. In terms of trend, if the 5-day line falls below the 10-day line, it will be a reversal signal for a downward adjustment.
P.To
Yet, after surpassing the previous high, gold prices did not continue to rise and retreated to around $2,935 before the weekend close.
Last week, gold prices attempted to break through the high three times but failed to stay above $2,945. The failure to break through suggests that selling pressure remains strong above $2,945, new news or economic figures are needed to stimulate the price to go for a new high. This week, we will be watching the U.S. GDP for Q4 on Thursday and the U.S. PCE inflation data on Friday.
1-hour chart (above) > The upward trend shows signs of slowing down. The upward support has slowed down from (1) to (1.1), and the trend has entered a relatively sideways state. The operating range is temporarily 2920-55(2) before the price escape.
Daily chart (above) > The overall trend fluctuates at a high level in the range of 2920-55, waiting for a breakout. You can still seize the opportunity to buy on the 10-day line, just like the last 2 weeks. In terms of trend, if the 5-day line falls below the 10-day line, it will be a reversal signal for a downward adjustment.
P.To
P. To @ 1uptick Analytics
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
P. To @ 1uptick Analytics
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.