Gold turned Bullish after some comments that China will enhance stimulus plan to increase economy, hence there will be probably more room for demand in the Gold purchases. Key levels to consider: • Neutral Indicators: For over 15 days, the ADX indicator line has shown a consistent decline, now positioned below the 20 level. This indicates that the average volatility of the last 14 sessions is in a neutral zone, reducing the bullish trend strength. That said, a lack of buying momentum is anticipated in the upcoming sessions. • Triangle Formation: The upper level represents a key resistance for gold at $2,700, and if surpassed, it could generate short-term bullish movements. Conversely, the lower level lies at the base of the triangle, around $2,600, where bearish oscillations near this level could break the continuation pattern of the current trend. o $2,800: A critical resistance zone corresponding to the all-time high price. Breaching this level could sustain the long-term bullish trend and maintain a buying perspective over time. o $2,500: The most significant support on the chart, where a breach could jeopardize the current bullish trend and consolidate bearish positions. Bullish trend continue to be there but we have to wait for the latest economic data of the year.
Support and Resistance areas based on volume profile simplified for visuals
Support and Resistance areas based on volume profile simplified for visuals
The price is currently testing the **0.5 Fibonacci retracement level** (black line) as a potential support zone. If this level fails, the **200-day MA** (red line) is the next significant support level to monitor. Oscillator Analysis: - **PSAR**: Flipped red, indicating bearish momentum. - **RSI**: Dropped to ~44, suggesting bearish momentum but not oversold, leaving room for further downside. - **MACD**: Bearish crossover, with the histogram deepening, confirming negative momentum. - **OBV**: Declining, signaling reduced buying pressure and increased selling activity. If the **0.5 Fib level** holds, it could provide a base for a rebound. However, if broken, the **200-day MA** will be critical for preventing a deeper correction. Monitor these levels closely!
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The price has broken below the **0.382 Fibonacci retracement level**, signaling potential further downside. The next key support levels to watch are: - The **0.5 Fibonacci retracement level** (~$0.0349). - The **200-day MA** (red line), which is positioned near **$0.0259**, offering strong dynamic support. - **RSI**: At ~40, indicating bearish momentum, nearing oversold conditions. - **MACD**: Bearish crossover, confirming downward momentum. - **OBV**: Trending lower, reflecting reduced accumulation. Keep a close eye on the **0.5 Fib level** for a reaction; if it breaks, the **200-day MA** is the last major support to prevent a deeper correction. Stay cautious!