GOLD Technical Analysis
- Supported at 1960
- ATR is 294 pips
- Repricing
- Important resistance
- M H3 is the target
MEGATREND MAs: Bullish
D1 Chart GOLD
- Megatrend pattern
- Support
- Daily target zone
- Swing target zone
Bullish sentiment continues to drive the price of gold higher, as investors flock to the precious metal as a safe-haven asset. The yellow metal is a proven store of value, offering a hedge against inflation and market turbulence. With global economic uncertainty on the rise the demand for gold as an alternative investment continues to grow. Despite the US strength due to the NFP data, the XAU/USD still rides a MEGATREND pattern.
GOLD dropped by 1000 points following the strong NFP report on Friday. After repricing gold bulls should move the market up as the market is still in MEGATREND pattern. For bulls it’s important that the price holds above 1860 for a possible retest of 1900.
This analysis, all the patterns and all entry signals and targets are a part of the Megatrend system Join my Telegram group to receive trading signals.
Cheers and safe trading,
Nenad
Summary of January trading results is HERE https://bit.ly/jan2023NKT
Cheers and safe trading,
Nenad
