Summary
Gold closes the week at its low 3875: sell rallies on Monday, oversold limits the chase
Friday fell 149 points (4019-3870) and closed at 3875.7, below the D1 lower band 3925 and the June floor 3942. Every timeframe points down, but RSI is 20-22 on H1-H4: wait for a bounce to 3918-3925 to sell, or a clean break of 3868.
Key levels
- Resistance · Minor3,951.00
- Resistance3,918.00 – 3,925.00
- Resistance · Minor3,898.00
- Resistance · Minor3,891.00
- Now3,875.70
- Support · Minor3,870.00
- Support3,850.00 – 3,856.00
- Support · Minor3,830.00
- Support · Minor3,800.00
Timeframes
| Timeframe | Direction | Reading |
|---|---|---|
| D1 | Closed at a 4-month lowFri 4008-3875.7, low 3870; below BB lower 3925.3, Tenkan 4006.2, Kijun 4049.1; MACD -66.7 < -54.2; RSI18 30.6RSI(18) 30.6MACD -66.68 / -54.17Tenkan 4006.16BB lower 3925.33 | Fri 4008-3875.7, low 3870; below BB lower 3925.3, Tenkan 4006.2, Kijun 4049.1; MACD -66.7 < -54.2; RSI18 30.6RSI(18) 30.6MACD -66.68 / -54.17Tenkan 4006.16BB lower 3925.33 |
| H4 | Riding the lower band, oversoldLast bars 3898-3870-3875.7 at BB lower 3891.7; Tenkan 3953.9 / Kijun 3976.5; MACD -36.2 < -16.4; RSI18 22.1RSI(18) 22.1MACD -36.19 / -16.38Tenkan 3953.87BB lower 3891.71 | Last bars 3898-3870-3875.7 at BB lower 3891.7; Tenkan 3953.9 / Kijun 3976.5; MACD -36.2 < -16.4; RSI18 22.1RSI(18) 22.1MACD -36.19 / -16.38Tenkan 3953.87BB lower 3891.71 |
| H1 | Lower highs into the closeHighs 3923.9-3903-3896.9-3888; low 3870 at 19:00; Tenkan 3920.4, Kijun 3951.3; BB lower 3854.6; RSI18 20.4RSI(18) 20.4MACD -35.96 / -27.58Tenkan 3920.37Kijun 3951.25 | Highs 3923.9-3903-3896.9-3888; low 3870 at 19:00; Tenkan 3920.4, Kijun 3951.3; BB lower 3854.6; RSI18 20.4RSI(18) 20.4MACD -35.96 / -27.58Tenkan 3920.37Kijun 3951.25 |
| M15 | Basing at 3870-3888Range 3870-3888 for 2 hours; MACD -13.1 > -15.7 (turning up); Tenkan 3879, Kijun 3896.9; RSI18 30.6RSI(18) 30.6MACD -13.08 / -15.71Kijun 3896.93 | Range 3870-3888 for 2 hours; MACD -13.1 > -15.7 (turning up); Tenkan 3879, Kijun 3896.9; RSI18 30.6RSI(18) 30.6MACD -13.08 / -15.71Kijun 3896.93 |
Trade plan
3 scenarios are prepared for this analysis. Sign in (free) to see their entry, stop loss and targets while the analysis is valid. They become public once it expires.
- Primary · Sell
- Breakout · Sell
- Counter-trend · Buy
Watch out
- Weekly open: the first hour can gap and spreads are wide. Wait for London (15:00 Vietnam time) for cleaner entries
- RSI is 20-22 on H1-H4 after a 149-point day: sharp short-covering bounces are likely, keep size small
- US data this week, with the jobs report (NFP) on Friday: expect bigger moves around US releases
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