Gold forecast today Gold technical analysis until july 2020

gold analysis technique
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Gold forecast today Gold technical analysis

Gold forecast today prices course and trend using the technique of the US economist William Delbert Gann.

gold forecast today
Gold weekly 05.05.2020

Short term Gold forecast

In the first quarter of 2020, the trend of Gold has been fluctuating. After a period of strong growth lasting almost the entire 2019, we have observed a first important correction.

From a top to $ 1,703, in the week of 13th March, the Gold prices have known a quick correction in the week of 20th March, coming back to $ 1,451 level on the 1X2 angular supports with origins the week of 26-04-2019 and 18-08-2018, colored yellow on the slide just above.

The Minimum Square, which is expired on 27-03-2020, has triggered a rapid pull-back, which has brought gold exchanges back to around $ 1,739 during the subsequent temporal signal of 24-04-2020.

As the photo here above shows clearly, at the expiration of time cycles of 24thApril and 1st May the Gold market has maintained the prices dynamics inside the candle of 17thApril, making prices lateral after the ascendant phase, which had made returns 4 times higher than its natural drift.

The next short-term time signal will expire on the week of 15th May.

The trend is currently positive, but the return below $ 1,652 would indicate the start of a new short-term corrective phase and a new test at the 1X2 angular support already indicated at the beginning of the report, that is area $ 1,530.

Medium term Gold trend

gold forecast
Gold monthly 05.07.2020

The Gold dynamics has been even more evident in the latest time signals of February and March 2020.

In the first Set Up of February, the Gold market has broken upwards and ended weak at $ 1,585.83.

In the second time cycle that expired in March, Gold exchanges has performed a bearish out-side, reaching a low at $ 1,451.41 on the 1X1 angular support (red in the photo) and closing at $ 1,575 on the previous one 1X2 angular support (yellow on the slide).

In April, the breach of the bearish out-side has restored the medium-term trend in a positive sense.

The next time signal will be May 2020.

The return below $ 1,555 will lead to a new negative phase, with first angular supports at $ 1,513.

As the photo above shows clearly, Gold exchanges are attempting to reach the first top of the last quarter of 2012 in $ 1,795 area.

However, the 1X4 descending angular resistances (illustrated in purple) are hindering the upward path of the yellow metal, which has been slowed down several times in the area of ​​$ 1,700-1,740.

Only a return below $ 1,440 would indicate a halt to the upward phase of Gold in the medium-long term.

The analysis using the Gann’s technique has been carried out thanks to Top Trader© software.

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