Return of gold ounces from key support

Return of gold ounces from key support

On November 30, 2020, the global ounce of gold, after hitting $ 1764, started moving up to the price of $ 1959.36. Gold traders entered the market around this rate, which resulted in the beginning of a new downtrend. Recently, gold ounce price movements have been restricted between the two downtrend lines. In today's trading, the market is again supported by the price of $ 1708.64 and the price of gold has risen. If the market continues to return positively from $ 1708.6 and the ounce of gold breaks the downtrend line, one can expect the market to move to the rate of $ 1742.21, the moving average of 50 and the resistance of $ 1767.
But if the ounce of gold definitively breaks the 1708.64-1700 range, it could start a new downtrend to support at $ 1675 and then $ 1650.

Weekly analysis of the global Gold Saturday , February 20

Weekly analysis of the global Gold Saturday , February 2

The GOLD price of gold yesterday experienced an upward trend from the lowest level in the last seven months. Gold traded lower at $ 1,760 and rose to $ 1,790 after the official start of trading in the United States.
Gold ended the week at $ 1,780 and fell 2.35% over the past seven days. This is the worst weekly gold performance since July.
After testing the support level of $ 1,765 to $ 1,770, the price of gold was able to start a corrective trend. Stabilizing the price below this level will cause a downward trend.
Similarly, the stabilization of the price above the level of $ 1,790 can be considered a sign of the possibility of an uptrend for gold.
However, the correction in the price of gold seems limited and there is a possibility that the price will fall. Investors' risk appetite has increased as Treasury bond yields have risen. On Friday, the 10-year yield on US Treasury bonds reached a one-year high of 1.35%.

Technical levels
Last price of the day: $ 1783.54
Daily fluctuations: 8.80
Daytime fluctuations (٪): 0.5
Starting price: $ 1774.74
Trends
20-day moving average: $ 1826.92
50-day moving average: $ 1854.34
100-day moving average: $ 1865.24
200-day moving average: $ 1858.94
Levels
Yesterday's highest price: $ 1789.76
Lowest price yesterday: $ 1768.46
Last week's highest price: $ 1855.5
Last week's lowest price: $ 1807.86
Last month's highest price: $ 1959.42
Last month's lowest price: $ 1802.8
Fibonacci 38.2. Daily: $ 178.62
Fibonacci 61.8. Daily: $ 1776.6
Pivot S1 Daily: $ 1765.55
Pivot S2 Daily: $ 1756.35
Pivot S3 Daily: $ 1744.25
Pivot R1 Daily: $ 1786.85
Pivot R2 Daily: $ 1798.95
Pivot R3 Daily: $ 1808.15

GOLD Tuesday, January 26

GOLD Tuesday, January 26

 

The weekly ounce chart of global gold can bring buyers into the market due to the recent reversal and uptrend. It should also be noted that the weekly chart shows support at $ 1787 and $ 1738 and resistance at $ 1950.
In the XAUUSD daily chart, the market has also reacted positively to the simple moving average of 200 days. Aside from the 1959 high in early January, buyers should also consider the key resistance of $ 1966. Also below the 200-day moving average, $ 1746 support is below the 100% Fibonacci estimate (1756), the 50% Fibonacci retracement at 1762 and the 127.2% Fibonacci estimate at $ 1740.
In the four-hour chart, XAUUSD may push market buyers to the November reopening rate of $ 1878. However, if the global ounce of gold falls, it will fall to the support of $ 1822. At the same time, the four-hour AB = CD pattern is completed around $ 1920 and $ 1910, which can bring sellers to market. Although this pattern could lower the price of an ounce of global gold, given the state of long-term charts, the likelihood of a drop in gold prices will be limited.

Weekly Gold Analysis

 

 

Weekly Gold Analysis

Even though the strength of the global ounce uptrend has weakened, buyers still support the precious metal. Analysts are assessing the rate of economic growth due to government financial and support packages, as well as the possibility of intensifying inflationary pressures. However, according to Kitco News' weekly assessment, small investors and market participants expect future inflation to determine the trend in the gold market and ultimately push up the price of an ounce of global gold.
This week, 15 Wall Street activists took part in a weekly Kitco poll. Sixty percent of respondents predict that this week's trend will be an upward ounce of global gold. Another 20 percent predict that the market will decline and the remaining 20 percent predict that the market will be trendless. Meanwhile, 1,581 Main Street investors took part in an online poll. 67% are in favor of an uptrend, 17% are in favor of a downtrend and about 15% are in favor of a trend-free market.
The upward return of the global ounce of gold from $ 1,800 support has caused optimism among market participants. The market reacted positively to this support at the beginning of last week, but the price of an ounce of global gold continued to fall slightly. However, the gold market ended last week's trading in the $ 1855 range. Although the gold market failed to show strong momentum in early 2021, many analysts still do not want to be disappointed with the rise in gold prices, especially as the new US administration seeks to approve a $ 1.9 trillion financial package.