empty
 
 
31.07.2023 07:51 AM
Technical Analysis of Daily Price Movement of Gold Commodity Asset, Monday July 31 2023.

This image is no longer relevant

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)

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback