Chart of the Week: Gold on the approach to $1,855
Premium|Take advantage of 60% OFF on your first month.
Grab this special offer, it's 7 months for FREE deal! And access ALL our articles and analysis.
You have reached your limit of 5 free articles for this month.
BLACK FRIDAY SALE! 60% OFF!
Grab this special offer, it's 7 months for FREE deal! And access ALL our articles and analysis.
CLAIM OFFER- Gold bulls taking on monthly and weekly resistance.
- $1,850s are on the cards for the sessions ahead in the coming days.
As per the prior week's analysis, Chart of the Week: Gold price reaches a wall of resistance, the price of gold did indeed melt from a wall of resistance prior to attempting to move higher.
Prior analysis, weekly and daily charts
'The weekly chart shows that the impulse has made a -272% Fibonacci retracement of the prior bullish impulse as it takes on resistance.'
'Meanwhile, there is scope for a deeper retracement on the daily chart to test the 38.2% Fibo of the prior daily impulse...'
Live market analysis
The following is a top-down analysis of the live market that illustrates the prospect of a daily bullish continuation for the forthcoming days.
Monthly chart
While there are probabilities of a downside continuation on the monthly chart, there is room to go on the upside before a fuller test of the 61.8% Fibonacci level.
Weekly chart
The price is strongly bullish on the weekly chart, but again there are prospects of a downside correction, albeit with room to the upside to test deeper into resistance.
Daily chart
From a daily perspective, the bulls are taking on the prior highs and closed Friday's session strongly bid.
A run into the psychological $1,850 is on the cards with a -272% Fibo retracement of the prior correction coming in at $1,855.
- Gold bulls taking on monthly and weekly resistance.
- $1,850s are on the cards for the sessions ahead in the coming days.
As per the prior week's analysis, Chart of the Week: Gold price reaches a wall of resistance, the price of gold did indeed melt from a wall of resistance prior to attempting to move higher.
Prior analysis, weekly and daily charts
'The weekly chart shows that the impulse has made a -272% Fibonacci retracement of the prior bullish impulse as it takes on resistance.'
'Meanwhile, there is scope for a deeper retracement on the daily chart to test the 38.2% Fibo of the prior daily impulse...'
Live market analysis
The following is a top-down analysis of the live market that illustrates the prospect of a daily bullish continuation for the forthcoming days.
Monthly chart
While there are probabilities of a downside continuation on the monthly chart, there is room to go on the upside before a fuller test of the 61.8% Fibonacci level.
Weekly chart
The price is strongly bullish on the weekly chart, but again there are prospects of a downside correction, albeit with room to the upside to test deeper into resistance.
Daily chart
From a daily perspective, the bulls are taking on the prior highs and closed Friday's session strongly bid.
A run into the psychological $1,850 is on the cards with a -272% Fibo retracement of the prior correction coming in at $1,855.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.