Daily Gold Price Analysis by JRFX.com

[cole lee]

JRFX-Daily Gold Price Trend Analysis-June 11, 2024​

Gold price chart, weekly time frame Last week closed the week under the blue Channel support line. Yesterday, the price went up to test the Channel resistance line again but was unable to pass through and was still within the price structure of the weekly Double Top pattern. The next trend in the medium term is likely to drop towards the 20-week moving average support line. The green line is at the price around 2247$.

Gold price chart daily time frame Yesterday, the retracement occurred as expected. After the price came down to rest at the support level. The price rose to test the resistance of the 50-day moving average, the blue line at around 2312$ and has not yet passed. Today the price started to adjust down. Currently, there is still an opportunity to move sideways and stay off the side. There is a chance of moving further down to the 2250$ zone with the 20-week EMA support rather than an upward adjustment.

The gold price chart on the 4-hour time frame is under the Down Trend Channel structure, blue line. It is currently resting in the neckline support of the Double Top pattern at the price level around 2285$. Yesterday, the price experienced a retracement to test the 50-day EMA support zone that broke out down to the price level around 2310-2315$ and adjusted. down as predicted this morning. But the current structure in the 4H frame has a chance to increase in the short term to test the 2320$ zone. Otherwise, when the bottom is broken, it will move further to at least 2266$.

Gold chart, 1-hour time frame, price accumulates strongly in a sideway up manner. Today, focus on SHORT at the price level around 2320-2325$, target down to the original low point of 2285$ and 2266$. Gold is a low-risk asset but has price fluctuations. high It is recommended to trade with carelessness. Be mindful and use appropriate risk controls.

The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.

 

[cole lee]

JRFX-Daily Gold Price Trend Analysis-June 13, 2024​

Weekly Time Frame Gold Price Chart: Gold price is still consolidating around the support/resistance of the blue channel. The price structure is still in the form of a Double Top, with the Neckline in the $2,290/2,300 price zone. Yesterday, the U.S. inflation data came out unfavorably, along with the Fed's policy outlook of a single rate cut in 2024, causing the USD to weaken. Prices have rebounded in the short term. The medium-term trend outlook has a chance of moving down to test the 20-week moving average support, which is around $2,250.

Daily Time Frame Gold Price Chart: Yesterday's price action moved up to stand above the 50-day EMA line, the blue line at around $2,313, testing the 20-day EMA (green line) at around $2,335 level, but failed to break through. Overall, the price is being squeezed back under the two EMA lines again and is in a Sideway Up structure.

4-hour Time Frame Gold Price Chart: Gold price is currently in a downward trend channel, with the blue line representing the trend channel. Yesterday, the price broke out above the middle line and tested the $2,340 zone. The current movement is a correction/corrective move (a brief upward movement) and there is a possibility of further upward adjustment today, with a chance to test the 61.8% Fibonacci retracement level around $2,350.

1-hour Time Frame Gold Price Chart: After reaching the high around $2,340 yesterday, the price has pulled back down to test the demand zone around $2,310 again this morning. The overall picture is still volatile, but in the short-term, the price has a chance to continue rising, potentially consolidating in a sideways up pattern. The main trading strategy for today is to focus on shorting around the $2,350 level, with targets at the previous lows of $2,285 and $2,266. Gold is a low-risk asset, but it has high price volatility, so it is recommended to trade with caution, mindfulness, and appropriate risk management.

 

[cole lee]

JRFX-Daily Gold Price Trend Analysis-June 14, 2024​

Weekly Time Frame Gold Price Chart: The gold price has continued to consolidate around the support/resistance levels of the blue channel. This week, the price has remained below the blue resistance line. The price structure is still in the form of a Double Top pattern, with the neckline around the $2,290/2,300 price zone. In the medium-term outlook, there is a possibility of the price moving down towards the 20-week moving average (green line) around $2,250.

Daily Time Frame Gold Price Chart: Yesterday, the price moved back down and traded below the 50-day EMA (blue line) around $2,313. Overall, the price today has a chance to test the EMA and continue to move lower. The next significant downward impulsive move is likely to be a correction towards the 120-day EMA (orange line) around the $2,222 price level.

4-hour Time Frame Gold Price Chart: Gold price is currently trading within a Down Trend Channel, with the blue line as the trend line. Yesterday, the price broke down from the BB Middle Bands, moving down to around $2,314. This morning, the price has started a Retracement, moving up. There is a possibility that it may not break through the BB Middle Bands and continue to move down to test the $2,285 support level, which is the Previous Low.

1-hour Time Frame Gold Price Chart: The overall price action shows high volatility, with an unclear trend structure. For now, the assessment is that the price has a tendency to move down and test the $2,285 support level. If this level is broken, the price may continue to move down towards the 20-week EMA around $2,250. Gold is considered a low-risk asset, but it has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.

The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.

 

[cole lee]

JRFX-Daily Gold Price Trend Analysis-June 17, 2024​

Weekly Time Frame Gold Price Chart: The gold price has rebounded from the Neckline support of the Double Top pattern in the $2,290/2,300 price zone, and is now moving in a Sideway along the blue Channel resistance. Looking at the price trend in the medium term, the price has the opportunity to move down towards the 20-week moving average (green line) at around $2,257.

Daily Time Frame Gold Price Chart: The gold price is still moving without a clear trend direction. On Friday, the price went up to test the EMA 20-day resistance zone at around $2,333, and this morning it started to decline after encountering the resistance. The probability of a Head And Shoulders pattern forming with a Neckline at the $2,290 level still remains. Overall, the price today has the chance to test the EMA and continue to move down. The next strong Impulsive downward movement is likely to be towards the EMA 120-day (orange line) at around $2,224.

4-hour Time Frame Gold Price Chart: The gold price is within a Down Trend Channel structure with the blue line. Yesterday, the price broke out above the BB Middle Bands at around $2,314 and has started to retrace lower this morning. The price is expected to have a chance of not moving through the BB Middle Bands and continuing to test the resistance at $2,345.

1-hour Time Frame Gold Price Chart: The chart shows overall price volatility with an unclear trend structure. The price has frequently tested the resistance zone and Supply Zone at $2,340. Initially, the price is expected to have a tendency to move up to the Fibonacci Retracement level of 61.8% in the $2,345-$2,350 range. Gold is a low-risk asset but has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.

The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.

 

[cole lee]

JRFX | Daily Gold Price Analysis-June 18, 2024​

Weekly Gold Price Chart: The gold price has rebounded from the Neckline support of the Double Top pattern in the $2,290/$2,300 zone and is still moving sideways within the blue channel. In the medium-term outlook, the price has the potential to move down towards the 20-week moving average (green line) around $2,257.

Daily Gold Price Chart: The price is still moving without a clear directional trend, under low volatility. On Friday, the price went up to test the 20-day EMA resistance line in the $2,333 price zone, and yesterday it dropped again after encountering resistance. The probability of a Head and Shoulders pattern forming with a Neckline around $2,290 is still present. An expected impulsive downward move has the potential to retest the EMA 120-day (orange line) around $2,227 level. However, if the price can break above and hold above the EMA 20-day, it may have the opportunity to continue testing the highs around the $2,380 zone.

4-Hour Gold Price Chart: The gold price is within a Down Trend Channel with the blue line. Yesterday, the price was consolidating around the BB Middle Bands at around $2,318. The resistance at the Upper Band is at the price level of $2,340, and the support at the Lower Band is at the price level of $2,296. The forecast for the price movement today is that there is a chance that the price will go up and test the resistance of $2,332-$2,340.

1-Hour Gold Price Chart: The overall price volatility is low and the trend structure is not clear. The price has often tested the resistance zone and Supply Zone at $2,340. Initially, it is estimated that the price has a tendency to move up to the Fibonacci Retracement 50.0% level of $2,337-$2,340. Gold is a low-risk asset but has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.

The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.

 

[cole lee]

JRFX | Daily Gold Price Analysis-June 20, 2024​

Weekly Gold Price Chart: The gold price has rebounded from the Neckline support of the Double Top pattern in the $2,290/$2,300 price zone this week. After the price retraced and tested the $2,306 breakout level, the price has been gradually adjusting higher and is likely to close the weekly candle in a Bullish manner as expected. The key support is the 20-week moving average (green line) around $2,257.

Daily Gold Price Chart: After trading below the 20-day EMA for 8 days, the price today has managed to break above this resistance level. If the price can hold above this, it has the potential to test the $2,380 zone in the medium-term. The key confirmation for the upside move would be if the price can break and sustain above $2,350, otherwise, it may pull back again.

4-Hour Gold Price Chart: The gold price is currently trading within a Down Trend Channel structure, indicated by the blue lines. Today, the price has managed to break above the EMA 120 resistance (orange line) in the 4H time frame and is now testing the blue channel resistance. If the price fails to break through the channel resistance, there is a possibility it may pull back and retest the EMA line again. Overall, the price has the potential to move higher if it can break out of the channel resistance.

1-Hour Gold Price Chart: This morning, the price has broken above the red EMA 480 resistance line (red line) and pulled back to retest it, before continuing higher in the $2,345-2,350 range. However, at this level there is a blue Down Channel resistance that may cause the price to pull back in the short term. Gold is considered a low-risk asset, but it has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.

The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.

 

[cole lee]

JRFX | Daily Gold Price Analysis-June 21, 2024​

Weekly Gold Price Chart: After last week, the gold price reversed from the Neckline support of the Double Top pattern in the $2,290/$2,300 price zone. This week, with the current price behavior breaking out of the daily resistance level yesterday, the weekly price is expected to close as Bullish as anticipated. The support level of the 20-week moving average (green line) has moved up to around $2,261.

Daily Gold Price Chart: After 8 days of trading below the 20-day EMA resistance level, gold prices finally broke yesterday on the intraday time frame and the price was able to break the EMA resistance level and hold. This has caused the daily timeframe to break out above the EMA 20-day resistance at around $2,337. The price has the potential to test the $2,380 zone in the medium term, as it has confirmed an upward medium-term trend by breaking and holding above $2,350.

4-Hour Gold Price Chart: The gold price has broken out of the downtrend channel's resistance (blue line) and is currently testing the Fibonacci Retracement resistance level of 78.6% at a price of $2,365. Today, the price has a chance of continuing to move up and testing the blue supply zone. However, if there is a pullback, focus on a LONG position in the $2,350 zone with a profit target of $2,380.

1-Hour Gold Price Chart: After breaking above the EMA 480 resistance (red line) and dropping back down to retest, the price has broken out of the downtrend channel. Currently, the price is moving within a triangle pattern. If there is a pullback, consider a LONG position in the first zone of $2,353-$2,349 and the second zone of $2,335, targeting the Fibonacci Retracement 88.6% at $2,376-$2,380. Gold is considered a low-risk asset, but it has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.

The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.

 

[cole lee]

JRFX | Daily Gold Price Analysis-June 24, 2024

Weekly Gold Price Chart: Last week, the price experienced a retracement, reaching a high of $2,368 before declining sharply on Friday. The price structure is forming a lower high pattern in the weekly timeframe, continuing the sequence of highs at $2,450, $2,387, and $2,368. This week, it is anticipated that the price will bounce up and then resume the downward correction. The price has a neckline of a potential double top pattern around the $2,290-$2,300 area, and the 20-week moving average (green line) has moved up to around $2,263.

Daily Gold Price Chart: Last Thursday, the price broke above the 20-day EMA, but on Friday, it reversed sharply and broke below the 20-day EMA, testing the support of the 50-day EMA (blue line) at around $2,317. The price remains volatile, not showing a clear directional trend. In the daily timeframe, there is a possibility of the price testing the 20-day EMA again around the $2,332 level.

4-hour gold price chart: The gold price shows a downtrend channel, with the blue line representing the resistance level. The price broke above this resistance on Thursday, but when it reached the 78.6% Fibonacci retracement level, it slowed down and quickly pulled back, breaking the old support of the channel and returning back inside the original channel. The price is trading below the 120-period EMA (orange line) in the 4-hour timeframe. In the near term, the focus should be on SHORTING around the $2,335 EMA level, which coincides with the blue channel resistance. Profit target is the original Low of $2,286.

1-hour gold price chart: The current price structure is accumulating strength in the form of a flag or an up-channel (blue). The price trend is in line with the 4-hour timeframe. The focus today should be on looking for SHORT opportunities when the price moves up to test the 480-period EMA (red line) in the $2,335 price zone. The profit target is the previous low at $2,286. Gold is a low-risk asset, but it has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.

The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.

 

[cole lee]

JRFX | Daily Gold Price Analysis-June 25, 2024​

Weekly Gold Price Chart: This week is still in a consolidation phase with a narrow price range. The price structure is still forming a "Lower High" pattern in the weekly timeframe, continuing from the previous highs at $2,450, $2,387, and $2,368. However, the price has not yet formed a "Lower Low" below the $2,290 support zone. If the weekly chart breaks below $2,290, it could lead to a short-term downward movement, as the 20-week moving average (green line) is providing support around $2,264.

Daily Gold Price Chart: On Friday the price fell sharply, breaking below the 20-day EMA (green line) and testing the 50-day EMA (blue line) around $2,317. This 50-day moving average provided support, allowing the price to bounce back up and test the 20-day EMA again yesterday. However, the price is still fluctuating within the range bounded by the two moving averages, and there is a possibility it could test the 50-day EMA around $2,318 again today.

4-hour gold price chart: The chart shows that the price has returned to the previous trading channel. The price is trading below the 120-period EMA (orange line) in the 4H timeframe. Yesterday, the price tested the $2,335 level of the 120-period EMA and then pulled back as expected in the early trading session today. In the short-term, the price has the potential to either test the 120-period EMA resistance at $2,335 again, or it may drop down to test the low around $2,318.

1-hour gold price chart: The current price structure is accumulating in the form of a Flag or an Ascending Channel (blue). The overall trend is aligned with the 4H timeframe. For today's trading approach, if the price stays above the 480-period EMA (red line) in the 1H timeframe, the focus should be on looking for SHORT opportunities down to the support levels of the Flag structure. However, if the price can break and hold above the red EMA, look for opportunities to LONG following the Flag formation. Gold is a low-risk asset but has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.

The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.

 

[cole lee]

JRFX | Daily Gold Price Analysis-June 27, 2024​

Weekly Gold Price Chart: The gold price is continuing its downward movement this week, following the price structure of a Lower High pattern in the weekly timeframe. This has been a continuous pattern from the high of $2,450 => $2,387 => $2,368 and $2,337. The price is currently moving down to test the $2,290 support level (red line), which is the Neckline of the Head and Shoulders pattern in the weekly timeframe. Below the Neckline, there is support ready to hold the price, with the 20-week moving average (green line) moving up and now near the $2,261 price level.

Daily Gold Price Chart: On Tuesday the price came back down to test the support of the 50-day EMA (blue line) at around $2,318. Yesterday, the price was able to break below this 50-day EMA line, which is an important move. The 50-day EMA at around $2,316 now has the potential to act as a resistance level that could push the price down further. For today, the price has a chance to break the $2,290 Neckline support in order to move lower.

4-hour gold price chart: Price is moving down within a Down Trend Channel in the blue frame. Yesterday, the price was able to break below the $2,316 support level. For today's movement, there is a possibility that the price could move down to test the previous low of June 7th at around $2,286. The next key support level will be the 480-period EMA (red line) at around $2,284.

1-hour gold price chart: The price has broken the Flag pattern structure and has broken below the $2,318 and $2,306 support levels sequentially. Today, the focus is on SHORT at the $2,305 resistance and the secondary resistance at $2,316, with a target of $2,284 based on the projected downtrend (orange line). If there is no retracement, the price could move directly down to the target. Gold is a low-risk asset but has high price volatility. It is recommended to trade with caution, mindfulness, and appropriate risk management.

The information provided is for educational and informational purposes only. It does not constitute financial advice. Any trading or investment decisions should be made with caution and based on your own research and risk appetite.