Global Gold Analysis (Daily Time Frame)
Over the past week, gold recovered the losses from the previous week and even temporarily broke above its last high at $2,943, but it failed to stabilize above this level. As a result, during the last three trading days, it fluctuated within a range. Now, the question is whether gold will undergo a price correction this week or if buyer strength remains strong enough to push for new highs.
Primary Scenario (Higher Probability):
Market sentiment toward gold remains bullish. It is expected that after a slight correction to around $2,906, gold will be rejected upward and attempt to retest its last high at $2,955. If this level is broken and the price stabilizes above it, new highs could be seen. This correction may occur as a sideways movement or a time-based correction.
Alternate Scenario (Lower Probability):
If the depth of the correction increases and the selling pressure is strong enough to break $2,906 decisively, the next potential targets for gold will be $2,877 and $2,834.
Gold Analysis (4-Hour Time Frame)
Primary Scenario:
Two reversal signals are visible in this time frame:
- A divergence at the high.
- The formation of a pattern resembling an ascending wedge, which typically indicates a price reversal.
Based on these signals, gold is expected to move downward from the current levels. If the price breaks and stabilizes below $2,906, the next targets will be $2,877 and $2,834.
Alternate Scenario:
If gold instead moves upward from its current levels and stabilizes above $2,955, it could experience further bullish momentum, reaching new highs.
Gold Analysis (15-Minute Time Frame)
Primary Scenario:
Considering the previous bullish leg and the breakout above the previous high at $2,936, if a pullback to this level is completed and gold stabilizes above $2,942.8, the next potential target will be $2,955.
Alternate Scenario:
If gold fails to complete the pullback and stabilizes below $2,932, the next downside targets will be $2,921 and lower.