Market Analysis – April 6
Gold is currently delivering on the buy side of the market after a long-term decline in the price of Gold. The price is ascending to sweep the major high of 2069.0.
Gold Key Levels
Demand Levels:1959.0, 1805.0, 1613.0
Supply Levels: 2069.0, 2160.0, 2200.0
Gold Long-Term trend: Bullish
The nulls have drawn to liquidity pools resting at 1805.0 and 1959.0. The market is currently drawing on the liquidity pool of 2069.0 from where the bearish trend originated. After a test of the supply level of 2069.0, the bearish trend, which lasted for eight months last year, was initiated. At the test of the supply level, the Stochastic was already overbought. The upper Band of the Bollinger served as resistance to foster the sell-off from the zone. The daily swerved back and forth through the bearish channel. The price plummeted to the daily support level of 1613.0.
A successful breakout played out in December. After the stochastic revealed the market was oversold, an increase in trust from 1613.0 invalidated the bearish channel. Since the bullish breakout, Gold experienced one major pullback. During the first quarter of the year, the price dipped from 1959 to 0 1805.0. The uptrend has resumed with a double top at 1805.0
Gold Short-Term trend: Bullish
The market has broken the resistance level of 1959.0. The Stochastic is overbought on the daily chart. A retracement to the key level of 1959.0 is expected to provide sufficient lift to launch to 2069.9
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