Daniel_Thompson

Likely to rise to resistance 2385 Gold recently reversed up from the pivotal support level 2300 (which stopped the previous waves A, (4) and ii, as can be seen below). The support level 2300 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the previous upward impulse from March. Given the clear daily uptrend and the still oversold daily Stochastic, Gold be expected to rise further to the next resistance 2385, top of the previous correction b.

Pivot 2390.00 Our preference Short positions below 2390.00 with targets at 2230.00 & 2150.00 in extension. Alternative scenario Above 2390.00 look for further upside with 2450.00 & 2510.00 as targets. Comment The RSI advocates for further decline. Supports and resistances 2510.00 ** 2450.00 *** 2390.00 *** 2287.00 Last 2230.00 *** 2150.00 *** 2075.00 *** Number of asterisks represents the strength of support and resistance levels.

Pivot 2176.00 Our preference Short positions below 2176.00 with targets at 2161.00 & 2156.00 in extension. Alternative scenario Above 2176.00 look for further upside with 2181.00 & 2187.00 as targets. Comment As long as the resistance at 2176.00 is not surpassed, the risk of the break below 2161.00 remains high. Supports and resistances 2187.00 2181.00 2176.00 2168.99 Last 2161.00 2156.00 2150.00 Number of asterisks represents the strength of support and resistance levels.

Pivot 2027.00 Our preference Long positions above 2027.00 with targets at 2038.00 & 2044.00 in extension. Alternative scenario Below 2027.00 look for further downside with 2022.00 & 2017.00 as targets. Comment The RSI calls for a bounce. Supports and resistances 2050.00 2044.00 2038.00 2032.00 Last 2027.00 2022.00 2017.00 Number of asterisks represents the strength of support and resistance levels.

Gold may fall to 2008.00 - 2014.00 Pivot 2032.00 Our preference Short positions below 2032.00 with targets at 2014.00 & 2008.00 in extension. Alternative scenario Above 2032.00 look for further upside with 2039.00 & 2045.00 as targets. Comment The RSI advocates for further downside. Supports and resistances 2045.00 2039.00 2032.00 2022.50 Last 2014.00 2008.00 2002.00 Number of asterisks represents the strength of support and resistance levels.

Pivot 2045.00 Our preference Long positions above 2045.00 with targets at 2062.00 & 2070.00 in extension. Alternative scenario Below 2045.00 look for further downside with 2037.00 & 2030.00 as targets. Comment The RSI advocates for further advance. Supports and resistances 2078.00 2070.00 2062.00 2053.70 Last 2045.00 2037.00 2030.00 Number of asterisks represents the strength of support and resistance levels.

Pivot 2026.00 Our preference Long positions above 2026.00 with targets at 2040.00 & 2046.00 in extension. Alternative scenario Below 2026.00 look for further downside with 2017.00 & 2006.00 as targets. Comment The next resistances are at 2040.00 and then at 2046.00. Supports and resistances 2051.00 2046.00 2040.00 2033.00 Last 2026.00 2017.00 2006.00 Number of asterisks represents the strength of support and resistance levels.

Pivot 2035.00 Our preference Short positions below 2035.00 with targets at 2019.00 & 2010.00 in extension. Alternative scenario Above 2035.00 look for further upside with 2043.00 & 2050.00 as targets. Comment As long as 2035.00 is resistance, look for choppy price action with a bearish bias. Supports and resistances 2050.00 2043.00 2035.00 2029.09 Last 2019.00 2010.00 2000.00 Number of asterisks represents the strength of support and resistance levels.

XAUUSD Gold Long #WaveAnalysis #Gold broke key resistance level 2000.00 Likely to rise to resistance level 2050.00 Gold recently broke the key resistance level 2000.00 (which stopped the previous waves (1), B and 1, as can be seen below). The breakout of the resistance level 2000.00 continues the active minor impulse wave 3 which belongs to wave (3) from the start of this month. Gold can be expected to rise further to the next resistance level 2050.00 (former strong resistance from April and May) – from where the downward correction is likely.

XAUUSD Long Our pivot point is at 1965.40. Our preference: as long as 1965.40 is support look for 1982.30. Alternative scenario: below 1960.40, expect 1959.10 and 1955.30. Comment: the RSI is above 50. The MACD is below its signal line and positive. The price could retrace. Gold (CME) (Z3) is above its 20 and 50 period moving average (respectively at 1967.80 and 1960.30).