Gold, in its 2-hour chart, shows the advance developed in the latest trading sessions as a third extended wave.
The upward movement drove the golden metal to advance until level $1,640 per ounce. Considering the bullish momentum that carries the price action, we expect fresh highs for the coming sessions that could correspond to an ending diagonal formation.
At the same time, the RSI oscillator shows that the bullish bias remains intact, and the last high at $1,643.35 corresponds to the end of the third wave of Sumbinuette degree identified in green.
The current upward sequence could advance until the zone of $1,660.41 from where we expect a bearish reaction, which could drive Gold to make a new descending sequence.
The downward sequence will activate if Gold shows a reversal move at $1,660.41. This movement could drag the yellow metal to $1,596.37 per ounce. If the price action increases its bearish momentum, Gold could drop till $1,558.15, and even until $1,512.40 per ounce.
The level that invalidates our bearish scenario locates at $1,701.71 per ounce.
Trading Plan Summary
-
Entry Level: $1,660.41.
-
Protective Stop: $1,701.71.
-
1st Profit Target: $1,596.37.
-
2nd Profit Target: $1,558.15.
-
3rd Profit Target: $1,512.40.
Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.