Bullish Momentum with Caution Amidst Market Volatility
Updated
Hello,
The current market conditions suggest that the bearish momentum has not unfolded as anticipated, leading to a considerable weakening of the dollar. However, there is a possibility that gold may approach the $2000 mark in the near future. The resistance level thus far has been at 1963, and if gold can surpass and sustain a lock above this level, it could lead to further bullish growth.
Both the SMA (Simple Moving Average) and EMA (Exponential Moving Average), both long and short, indicate a very bullish outlook, with less expected bearish growth at the moment. However, due to market fluctuations, there is a chance that the bearish side may be visited, potentially reaching down to 1938. If gold does cross and lock below 1938, it is expected to trigger more bearish growth.
It is crucial to exercise caution and plan trades carefully at this moment, considering the volatility of the market. While the long-term outlook remains bullish, it is recommended to take trades during drops in the current scenario.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
The current market conditions suggest that the bearish momentum has not unfolded as anticipated, leading to a considerable weakening of the dollar. However, there is a possibility that gold may approach the $2000 mark in the near future. The resistance level thus far has been at 1963, and if gold can surpass and sustain a lock above this level, it could lead to further bullish growth.
Both the SMA (Simple Moving Average) and EMA (Exponential Moving Average), both long and short, indicate a very bullish outlook, with less expected bearish growth at the moment. However, due to market fluctuations, there is a chance that the bearish side may be visited, potentially reaching down to 1938. If gold does cross and lock below 1938, it is expected to trigger more bearish growth.
It is crucial to exercise caution and plan trades carefully at this moment, considering the volatility of the market. While the long-term outlook remains bullish, it is recommended to take trades during drops in the current scenario.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
Note
Bullish Target: 1963Bearish Targets: 1949, 1944
Note
1st bearish target hit @ 1949Note
Updated Targets:Bullish: 1959.876, 1964.557, 1969.238, 1983.281
Bearish: 1950.514, 1945.833, 1941.152
Conditions that have to be met first are outlined above.
Note
Bullish target done @ 1959.876Note
Bullish targets done @ 1964.557, 1969.238, 1983.281Note
Gold continues to display strength, and there are indications that it may advance to the level of 1995.162. While this hasn't materialized yet, it's premature to dismiss this possibility entirely. So, for now, I wouldn't rule out the potential for such an upward movement.Note
There is a strong likelihood that the price of gold will soon surge to 1995.162. The market is currently testing the resistance level at 1981, and if it successfully breaks through, the path to reaching 1995.162 will be open and promising.Note
Maxed out @ 1987.535
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