Commodities Analysis and Opinion

Gold: Yellow Metal Braces for a Bearish Week After Coming Across Key Resistance

2024.02.05 02:22

Since I predicted a steep fall within the whereas writing my final , April gold futures closed Friday with a lack of $17.

Precious metals on Friday retreated as Friday’s stronger-than-expected U.S. Jan payroll announcement pushed the to a 7-week excessive. Secondly, increased international bond yields on Friday weighed on treasured metals.

Undoubtedly, Friday’s U.S. payroll data exhibits power within the labor market has pushed again expectations for Fed charge cuts, a bearish issue for treasured metals.

Thirdly, a rally within the to a file excessive deflated safe-haven demand for treasured metals.

On the opposite hand, Gold futures additionally weighed down from ongoing lengthy liquidation of gold by funds after lengthy gold holdings in ETFs fell to a 4-year low Thursday.

Gold Futures Monthly ChartGold Futures Monthly Chart

After evaluation of the actions of the gold futures in numerous time frames, I discover that the exhaustion may proceed after a wobbly Friday because the month-to-month candle shaped inside the first three buying and selling classes seems to be evident sufficient for a steep slide throughout February and March 2024.

Gold Futures  Weekly ChartGold Futures Weekly Chart

In the weekly chart, gold futures began the final week with a gap at $2037.20, hit a excessive at $2083 and a low at $2037.20, and eventually closed the week at 2053.10, indicating the weak spot as a result of formation of a weekly exhaustive candle.

Gold Futures Daily Chart

Undoubtedly, the opening of the following week and subsequent actions by the gold futures on Monday and Tuesday will play a important position because the gold futures are presently at a deceiving level in 2050.

In the every day chart, gold futures witnessed a steep fall amid a wobbly session on Friday, discovered non permanent help on the 50 DMA at $2043.41 and closed at $2053.10 on Friday, which signifies that a breakdown beneath this speedy help may push the gold futures in the direction of the following help at $2005.66. Without any doubt, a sustainable transfer beneath this might drag down the gold futures to hit the 200 DMA at $1978.96.

On the opposite hand, any upward transfer by the gold futures may appeal to the bears at $2074 because the volatility is more likely to proceed until the following conferences of the FOMC in April and May 2024.

Gold Futures 1 Hr. Chart

In the 1-hr. chart, gold futures point out a slide may fill the final week’s hole, created after the rollover on Jan. 26, 2024, through the subsequent week because the formation of a bearish crossover with a downward transfer by the 9 DMA and 18 DMA, which have moved beneath the 50 DMA may end in a weekly hole down opening.

Gold Futures 15 Minutes ChartGold Futures 15 Minutes Chart

In the 15-Minutes Chart, gold futures point out a gap-down opening on the primary buying and selling session of this week because the formation of a tremendous bearish crossover by a downward transfer by the 9 DMA, 18 DMA, and the 50 DMA beneath the 200 DMA with weekly closing by the gold futures a lot beneath the 200 DMA.

Watch my connected video, which I uploaded on Feb. 4, 2024.

Disclaimer: The creator of this evaluation might or might not have any place within the Gold futures. All the Readers are requested to take any lengthy or quick buying and selling place at their very own danger.

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