Technical Analysis of Daily Price Movement of Gold Commodity Asset, Monday July 31 2023.
July 31, 2023 7:25 am
On the daily chart, gold commodity asset appears on its price movement:
1. There is a Bullish 123 pattern followed by Bullish Ross Hook (RH) which one of the managed to broke above.
2. CCI indicator managed to breaks above its three levels (-100, 0, & 100).
3. The appearance of Descending Broadening Wedge pattern.
Based on point 1 7 2 we see there is a rally upside momentum which is quite significant from this gold commodity asset, where gold in a few days ahead has the potential to go to the level 1986,98. If this level manage to break, then level 2047,38, but please also please pay attention to the fact on point 3 because the appearance of Descending Broadening Wedge, Gold also has the potential of weakness, but as long it does not weaken below the level of 1931.73, then Gold will move up according to the rally scenario described previously.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
On the daily chart, gold commodity asset appears on its price movement:
1. There is a Bullish 123 pattern followed by Bullish Ross Hook (RH) which one of the managed to broke above.
2. CCI indicator managed to breaks above its three levels (-100, 0, & 100).
3. The appearance of Descending Broadening Wedge pattern.
Based on point 1 7 2 we see there is a rally upside momentum which is quite significant from this gold commodity asset, where gold in a few days ahead has the potential to go to the level 1986,98. If this level manage to break, then level 2047,38, but please also please pay attention to the fact on point 3 because the appearance of Descending Broadening Wedge, Gold also has the potential of weakness, but as long it does not weaken below the level of 1931.73, then Gold will move up according to the rally scenario described previously.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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