Gold Outlook 2024:Analyzing Bullish Trends, Key Resistance Level
Bullish Bias:
Key Levels:
Downside Support:
- Weekly chart indicates a bullish bias for Gold.
- Relative Strength Index (RSI) comfortably above 50.
- RSI-based 20-period Moving Average provides additional support.
- XAU/USD remains within the upper half of a long-term ascending regression channel.
Key Levels:
- Interim resistance at $2,060 with 61.8% Fibonacci trend-based extension.
- Confirmation of support at this level could lead to a test of $2,125-$2,150.
- Potential profit-taking in this range may temporarily impede the uptrend.
- Further bullish targets at $2,200 and $2,440 based on Fibonacci extensions.
- Sustaining above $2,200 is crucial for continued buyer interest.
Downside Support:
- Strong support at $1,960-$1,950, including the 20-week SMA, 50-week SMA, and mid-point of the ascending regression channel.
-
- Failure at this support could lead to a decline to $1,880 (100-week SMA) and $1,850 (200-week SMA).
- Weekly close below $1,850 may attract additional sellers, opening the door for a move toward $1,800 (lower limit of the ascending regression channel).
Summary:
Gold is bullish with potential resistance at $2,060 and further targets at $2,125-$2,150, $2,200, and $2,440. Strong support is seen at $1,960-$1,950, and a failure could trigger a decline towards $1,880 and $1,850, with $1,800 as a lower limit.
Investors should monitor key levels for potential trend continuation or reversal, and the sustainability of support and resistance levels is crucial for determining the next directional move in the Gold market.