GOLD - USD - Daily - Technical analysis published on 05/16/2024 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Strongly bullish
Technical indicators
72%
11%
17%
My opinion
Bullish above 2,291.38 USD
My targets
2,405.78 USD (+0.74%)
2,520.18 USD (+5.53%)
My analysis
GOLD - USD is part of a very strong bullish trend. Traders may consider trading only long positions (at the time of purchase) as long as the price remains well above 2,291.38 USD. The next resistance located at 2,405.78 USD is the next bullish objective to be reached. A bullish break in this resistance would boost the bullish momentum. The bullish movement could then continue towards the next resistance located at 2,520.18 USD. After this resistance, buyers could then target 2,608.81 USD. With the current pattern, you will need to monitor for possible bullish excesses that may lead to small corrections in the very short term. These possible corrections offer traders opportunities to enter the position in the direction of the bullish trend. Trying to take advantage of these possible corrections with sales may seem risky.
Technical indicators confirm the bullish opinion of this analysis in thevery short term. However, be careful of excessive bullish movements. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
Force
0
10
8
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Additional analysis
Quotes
GOLD - USD rating 2,388.07 USD. On the day, this instrument lost -0.16% and was traded between 2,386.59 USD and 2,397.46 USD over the period. The price is currently at +0.06% from its lowest and -0.39% from its highest.2,386.59
2,397.46
2,388.07
The Central Gaps scanner detects a bearish opening marking the presence of sellers ahead of buyers at the opening but not sufficiently marked to allow the price to register a quotation gap.
Bearish opening
Type : Bearish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new HIGH record (5 years)
Type : Bullish
Timeframe : Weekly
Near a new HIGH record (1 year)
Type : Bullish
Timeframe : Weekly
Near a new HIGH record (1st january)
Type : Bullish
Timeframe : Weekly
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of this Daily chart of GOLD - USD indicates that the overall trend is strongly bullish. 92.86% of the signals given by moving averages are bullish. The overall trend is supported by the strong bullish signals from short-term moving averages. An assessment of moving averages reveals a bullish signal that could impact this trend:
Bullish trend reversal : Moving Average 20
Type : Bullish
Timeframe : Daily
In fact, 13 technical indicators on 18 studied are currently positioned bullish. Caution: the Central Indicators scanner currently detects an excess:
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : Daily
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : Daily
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
Central Candlesticks, the scanner specialised in Japanese candlesticks, detects these bearish signals that could support the hypothesis of a small drop in the very short term:
Bearish harami
Type : Bearish
Timeframe : Daily
Bearish harami cross
Type : Bearish
Timeframe : Daily
ProTrendLines
S3
S2
S1
R1
Price
S3 | S2 | S1 | Price | R1 | |
---|---|---|---|---|---|
ProTrendLines | 2,049.28 | 2,183.68 | 2,291.38 | 2,388.07 | 2,390.13 |
Change (%) | -14.19% | -8.56% | -4.05% | - | +0.09% |
Change | -338.79 | -204.39 | -96.69 | - | +2.06 |
Level | Major | Minor | Intermediate | - | Intermediate |
Attention could also be paid to pivot points to set price objectives:
Daily
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 2,325.06 | 2,338.48 | 2,365.16 | 2,378.58 | 2,405.26 | 2,418.68 | 2,445.36 |
Camarilla | 2,380.82 | 2,384.50 | 2,388.17 | 2,391.85 | 2,395.53 | 2,399.20 | 2,402.88 |
Woodie | 2,331.70 | 2,341.80 | 2,371.80 | 2,381.90 | 2,411.90 | 2,422.00 | 2,452.00 |
Fibonacci | 2,338.48 | 2,353.80 | 2,363.26 | 2,378.58 | 2,393.90 | 2,403.36 | 2,418.68 |
Weekly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 2,224.09 | 2,257.98 | 2,310.73 | 2,344.62 | 2,397.37 | 2,431.26 | 2,484.01 |
Camarilla | 2,339.66 | 2,347.61 | 2,355.55 | 2,363.49 | 2,371.43 | 2,379.37 | 2,387.32 |
Woodie | 2,233.53 | 2,262.70 | 2,320.17 | 2,349.34 | 2,406.81 | 2,435.98 | 2,493.45 |
Fibonacci | 2,257.98 | 2,291.07 | 2,311.52 | 2,344.62 | 2,377.71 | 2,398.16 | 2,431.26 |
Monthly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 1,999.72 | 2,114.12 | 2,202.75 | 2,317.15 | 2,405.78 | 2,520.18 | 2,608.81 |
Camarilla | 2,235.55 | 2,254.16 | 2,272.77 | 2,291.38 | 2,309.99 | 2,328.60 | 2,347.21 |
Woodie | 1,986.84 | 2,107.68 | 2,189.87 | 2,310.71 | 2,392.90 | 2,513.74 | 2,595.93 |
Fibonacci | 2,114.12 | 2,191.68 | 2,239.59 | 2,317.15 | 2,394.71 | 2,442.62 | 2,520.18 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
RSI (14): | 62.85 | |
MACD (12,26,9): | 22.5400 | |
Directional Movement: | 13.52 | |
AROON (14): | 64.29 | |
DEMA (21): | 2,369.57 | |
Parabolic SAR (0,02-0,02-0,2): | 2,296.36 | |
Elder Ray (13): | 43.05 | |
Super Trend (3,10): | 2,291.63 | |
Zig ZAG (10): | 2,390.62 | |
VORTEX (21): | 1.0400 | |
Stochastique (14,3,5): | 90.45 | |
TEMA (21): | 2,360.09 | |
Williams %R (14): | -6.72 | |
Chande Momentum Oscillator (20): | 98.21 | |
Repulse (5,40,3): | 1.6500 | |
ROCnROLL: | 1 | |
TRIX (15,9): | 0.1200 | |
Courbe Coppock: | 2.07 |
MA7: | 2,356.25 | |
MA20: | 2,335.96 | |
MA50: | 2,284.90 | |
MA100: | 2,161.88 | |
MAexp7: | 2,361.85 | |
MAexp20: | 2,338.43 | |
MAexp50: | 2,279.14 | |
MAexp100: | 2,197.47 | |
Price / MA7: | +1.35% | |
Price / MA20: | +2.23% | |
Price / MA50: | +4.52% | |
Price / MA100: | +10.46% | |
Price / MAexp7: | +1.11% | |
Price / MAexp20: | +2.12% | |
Price / MAexp50: | +4.78% | |
Price / MAexp100: | +8.67% |
Quotes :
-
Real time data
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Gold & Silver Spot
News
The latest news and videos published on GOLD - USD at the time of the analysis were as follows:
- Gold Daily Forecast and Technical Analysis for May 15, 2024 by Bruce Powers, CMT, FX Empire
- Gold Long Term Forecast for May 15, by Chris Lewis, for #fxempire #trading #gold #xauusd
- Gold Daily Forecast and Technical Analysis for May 15, 2024, by Chris Lewis for FX Empire
- Special Report: 15/05/2024 - Can gold climb to a new record high?
- Gold Daily Forecast and Technical Analysis for May 14, 2024 by Bruce Powers, CMT, FX Empire
This member declared not having a position on this financial instrument or a related financial instrument.
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