Hi, traders.
Last week, candlestick broke below 5MA again, and 5MA itself has clearly fallen below 20MA. Since candlestick is above 100MA, I believe the price will still rise in the long term. However, unless candlestick clearly breaks above 5MA, the price is expected to decline in the short term.
# Current order of the candlesticks and MA lines
20MA (blue) > 5MA (red) = the candle > 60MA (green) > 100MA (black)
#Technical Positive Points
- If the candlestick surpasses 5MA and 20MA again, it will re-enter an upward trend.
- Since 60MA and 100MA are firmly trending upward, there will be a long-term rise.
#Technical Negative Points
- 5MA and candlestick have clearly fallen below 20MA, forming a short-term downward trend.
- The slope of 20MA is turning negative, which could indicate a medium-term downward trend.
#Trend forecast of this week : Short 50%
Because the slope of 20MA appears to be turning negative, I expect the price to continue falling this week. However, if there is a clear moment when the candlestick breaks above 5MA, it might be a good opportunity to reverse and enter a long position.
#Target points
If the price of Gold increases
1st target: 2,340USD (Cross-point with 20MA)
2nd target: 2,430USD (The highest price on 12th/Apr/2024)
3rd target: 2,500USD (A nice round price)
If the price of Gold decreases
1st target: 2,200USD (Cross-point with 60MA, A nice round price)
2nd target: 2,140-2,150USD (Cross-point with 100MA, Cross-point with 20MA / Weekly chart)
3rd target: 2,030USD (Cross-point with 60MA / Weekly chart)
Let's enjoy trading this week too!
Last week, candlestick broke below 5MA again, and 5MA itself has clearly fallen below 20MA. Since candlestick is above 100MA, I believe the price will still rise in the long term. However, unless candlestick clearly breaks above 5MA, the price is expected to decline in the short term.
# Current order of the candlesticks and MA lines
20MA (blue) > 5MA (red) = the candle > 60MA (green) > 100MA (black)
#Technical Positive Points
- If the candlestick surpasses 5MA and 20MA again, it will re-enter an upward trend.
- Since 60MA and 100MA are firmly trending upward, there will be a long-term rise.
#Technical Negative Points
- 5MA and candlestick have clearly fallen below 20MA, forming a short-term downward trend.
- The slope of 20MA is turning negative, which could indicate a medium-term downward trend.
#Trend forecast of this week : Short 50%
Because the slope of 20MA appears to be turning negative, I expect the price to continue falling this week. However, if there is a clear moment when the candlestick breaks above 5MA, it might be a good opportunity to reverse and enter a long position.
#Target points
If the price of Gold increases
1st target: 2,340USD (Cross-point with 20MA)
2nd target: 2,430USD (The highest price on 12th/Apr/2024)
3rd target: 2,500USD (A nice round price)
If the price of Gold decreases
1st target: 2,200USD (Cross-point with 60MA, A nice round price)
2nd target: 2,140-2,150USD (Cross-point with 100MA, Cross-point with 20MA / Weekly chart)
3rd target: 2,030USD (Cross-point with 60MA / Weekly chart)
Let's enjoy trading this week too!