Gold: Week Ahead (Aug 10-16)
Hi traders, here's an analysis of Gold for the upcoming trading week. Please hit the "LIKE" button if you find this post useful. Also, don't forget to follow to get more trade ideas like this. Thanks!
TECHNICALS:
Gold has been in a strong uptrend on the daily chart but started a strong correction on Friday after better-than-expected US labour market numbers and USD strength.
The 1-hour chart shows a break below a H1 structural resistance and a retest of the next H1 support at around $2,010, where buying pressure started to build up again. On the M5 chart, we see a short-term uptrend forming which signals a possible retest of the previously-broken H1 support at $2,049 in the first half of the next trading week.
The trend violation point is the H1 support at $2,009.
== SUMMARY ==
I remain bullish on Gold as any better-than-expected economic reports don't necessarily mean strong economic recovery. Most indicators are still way below their pre-pandemic levels, which could add to risk-off flows and support Gold.
We're looking for buying opportunities that align with our entry rules.
TECHNICALS:
Gold has been in a strong uptrend on the daily chart but started a strong correction on Friday after better-than-expected US labour market numbers and USD strength.
The 1-hour chart shows a break below a H1 structural resistance and a retest of the next H1 support at around $2,010, where buying pressure started to build up again. On the M5 chart, we see a short-term uptrend forming which signals a possible retest of the previously-broken H1 support at $2,049 in the first half of the next trading week.
The trend violation point is the H1 support at $2,009.
== SUMMARY ==
I remain bullish on Gold as any better-than-expected economic reports don't necessarily mean strong economic recovery. Most indicators are still way below their pre-pandemic levels, which could add to risk-off flows and support Gold.
We're looking for buying opportunities that align with our entry rules.
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