Gold has cleared the 1830 dollar ceiling but is it the start of a new bull run?
Check out the Daily chart below.
Ahead of the weekend, I think it’s too soon to tell. Price would either need to take out the next hurdle at 1875 dollars or reverse and fail to break 1830 as the new floor.
The 1875 dollar scenario would at least be able to take the 60 day MA back above the 200MA.
Dropping down to the lower timeframes, the outlook is more promising for intraday swing traders but still not all that great for gold bulls.
In the H4 chart above, spot is only treading water above the 1850 dollar support.
In the H1 chart above, spot is failing to clear the 1860 resistance convincingly.
In both the above charts, the 60MA is sloping upwards with price action currently above the moving average, signaling a strong bullish sentiment underway.
The targeted support and resistance levels are in the latest colored boxes on the respective charts.
Price action would have to cross their respective colored zones to confirm any meaningful change or extension in trend.
As always, all prior support and resistance lines were still respected and will likely continue to be.
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All displayed chart support/resistance lines are either historical levels or actual confirmed order book levels currently being traded by major players based on available market intelligence.
Disclaimer: This content is for educational purposes only. It does not constitute trading or investment advice. Past performance does not indicate future results. Do not invest more than you can afford to lose.
