Gold is still in an uptrend as long as above the $1800....

17 בינו׳ 2022

Gold is an uptrend in the long time frame, like monthly and weekly. However, the market seems in range and bound in the daily chart.

In the last week, inflation has risen, and the USA cannot print its retail and core retail sales positively. Even omicron is still spreading all over the world. This week Tsunami Tonga hits. So, it is clear that most of the fundamental factors are still favoring the gold against all the major pairs.

So, fundamentally gold is in an uptrend, there is no doubt. But, even in the higher time frame, gold is in a long position.

In the h4 chart, gold is rising, testing trendline support and dropping trendline resistance.

$1830/1835 makes a strong resistance level from the present rate. Often, gold tested to break the $1830/1835 price, but the market was unable to break above the strong resistance level of the $1830/1835 zone though all the fundamental factors are supporting.

So, we should wait to buy gold until it breaks above the $1830/5 price zone or tests nearly trendline supports the $1805/1807 price zone. Because $1807/$1800 creates strong trendline support as well.

If we buy from the $1805/1800 price zone, our stop loss is below the $1796/1795 Price zone. And upside target is $1830, the next target is $1855, and finally $1865/1870 price zone.

On the other hand, if gold breaks below the trendline support $1800 price zone, we may short gold and target should be near $1780/1785 price zone and final target to the downside is $1760/1765 price zone.