Continuation of a downtrend of GOLD

28 ก.ค.

Chart Analysis
Key Levels:

Resistance: The chart highlights a resistance zone around $2,398 to $2,400, which aligns with the previous day's midnight open price. This is an area to watch for potential selling pressure.
Support: Multiple support zones are marked as areas of liquidity around $2,360, $2,340, and lower levels, indicating potential buying interest.

1. Trend Lines:
   

The chart shows a downward trend channel, with the price currently moving towards the upper boundary near the $2,400 resistance level.
The downward trend line suggests a bearish bias unless there is a breakout above the resistance.

1. Consolidation Zones:
   

Several consolidation zones are highlighted, indicating areas where the price might range before making a decisive move.

1. Moving Averages:
   

The 50 SMA is at $2,374.54, and the 200 SMA is at $2,391.26. The price is hovering around these levels, suggesting a potential battleground between bulls and bears.
Price Patterns:

The chart shows an A to B equilibrium move, indicating a corrective phase within the larger downtrend.
Market Structure Shift (MSS) and Break of Structure (BOS):

The 4H MSS and BOS are key points indicating potential trend reversals or continuation patterns.

1. Alignment with Previous Factors
   

Strong NFP Data and Potential FOMC Hawkishness:

Given the strong NFP data, there's a likelihood of a hawkish stance from the FOMC, which could strengthen the USD and put downward pressure on gold prices. This aligns with the downward trend channel and potential for resistance around $2,400 to hold.
Technical Indicators:

The chart's technical levels, particularly the resistance around $2,400 and the support zones below, align well with the broader market sentiment of a potential bearish outlook if the USD strengthens further.
Market Sentiment:

If investors perceive the FOMC to be hawkish, the bearish sentiment could prevail, pushing gold prices towards the lower areas of liquidity.