As we predicted last week gold price had given some retracements in the timeframe H4 and in Daily as well. Congratulations to those who followed for the coming week we probably see more bull candles because gold price is in uptrend and was breaking all the resistance for past few weeks.
Timeframe : Daily
Gold price is currently around 1926. On the daily, we can clearly see an uptrend and then we can see a rally base rally at daily too. currently, the price at the daily support become resistance (SBR) zone. The price maybe can retest the daily support zone before continuing to go up.
To check the daily chart do click here.
Timeframe : H4
As you can see in the picture attached above h4 gold price is currently at the daily support become resistance zone. Probably gold price gives a spike tomorrow because as we can see the market is consolidating after a huge pump that broke the previous resistance zone. Besides that, at h1 we can see that the price is forming an ascending triangle pattern which shows the price might get higher next week. if the price got rejected at the current daily zone price might test the H4 resistance become support zone (RBS) before pumping back up.
Click here to view the H4 timeframe on trading view.
A lot of high-impact news for the coming week. As usual Monday low impact news for USD, but the high-impact news starts to rule the market on Tuesday starting with the S and P global manufacturing (JAN), Wednesday nothing big and the market gets the heat back on Thursday with multiple of high impact news which gonna make the week more bumpy than usual and ending the week with personal income MoM (DEC) on Friday do click here to have a look on the full economic calendar. Be careful trading on high-impact news if you are a beginner do observe the market and gain experience so that you can trade well on news. Good luck trade wise and Happy chinease new year everyone.