ABSTRACT: At the start of the year, it is also worth taking a look back at the year for gold. For 2023, the precious metal has gained around 10% – a value that is impressive! The first, traditionally quieter trading week of 2024 resulted in a loss of around 0.8%. Gold must try to stay above the SMA20 at the end of the day. If this succeeds, the upward movement could be resumed towards $2,090/95. A daily close below the SMA50 could indicate further declines towards $1,965/60.
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Current gold analysis on January 6th, 2024: Chart analysis, weekly outlook, trading setups and more – for active day traders
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Latest news about gold Trading 🔴 gold Trading Ideas 🔴 Gold Forecast & Outlook
Gold review: (02/01/2024 – 05/01/2024)
gold was trading at $2,074.0 on Tuesday morning. The precious metal was 10.2 US dollars above the level on Tuesday morning of the previous week and 11.40 US dollars above the weekly closing on Friday evening. Gold reached its weekly high right at the beginning of the trading week. From here it initially went back to the area of $2,060. After attempts at stabilization, the levies continued on Wednesday. As a result, it went up to the $2,030 range. After a consolidation, prices rose moderately, with the precious metal subsequently remaining in a sideways box until Friday. Things initially went down a bit on Friday morning. In the afternoon there was a dynamic vola. The precious metal initially hit the weekly low, but was subsequently able to move back up and above the $2,062 mark. The profits from this movement were all subsequently given away again by the evening. The precious metal settled in the $2,045/40 range. Gold was included $2,043.5 from weekly trading.
The weekly high was formatted above the level of the last observation period, the weekly low was found well above the 2,000 US dollar mark and the previous period. The first trading week of the year ended with a smaller one Weekly loss completed.
At the start of the year, it is also worth taking a look back at the year. For 2023, the precious metal gold has increased by around 10% – a value that is impressive!
Gold – What could happen next:
Gold resistors
- 2,043.8
- 2,047.4
- 2,059.9
- 2,060.1
- 2,062.4
- 2,078.9
Gold supports
- 2,043.4
- 2,036.4
- 2,029.1
- 2,010.6
- 1,981.1
- 1,961.6
- 1,936.4
- 1,932.2
The most important brands based on our gold setup:
- Intraday mark 2,067 and 2,017
- Daily closing marks 2,122 and 1,972
- Break1 Bull (Where-End) (1,916)
- Break2 Bull (Mon end) (2,041)
- Cyclical movements 2020 – 2033
- Box range 2,223 to 1,466
- Range 2,484 to 746
Gold chart check – viewing in the daily / 4h chart:
DAILY
In the daily chart it can be seen that the precious metal has returned to the SMA20 (currently at 2,036.4 US dollars), but was still able to stay above this line at the end of the day. This means that the daily chart can still be interpreted bullishly.
The precious metal must try to move upwards as quickly as possible, similar to what it did in mid-December. If this happens, it could go up again to the area of 2,090/95 US dollars and then up to 2,135/40 US dollars. This scenario is realistic as long as the precious metal can stay above the SMA20.
However, if the SMA20 is abandoned at the end of the day, further sales could occur that have the prospect of reaching the SMA50 area (currently at 2,010.6 US dollars). If this average line is abandoned at the end of the day, this could be an indication that further declines could occur, which could reach the SMA200 (currently at 1,961.8 US dollars).
- Classification of higher-level chart image, forecast (Daily chart): bullish
View in the 4h chart:
The precious metal was able to stay above the SMA20 (currently at $2,047.4) until the end of the last trading year, but abandoned this line at the beginning of the year. It initially went to the SMA50 (currently at $2,060.1), which initially provided support, but this line was also abandoned over the course of the week. Gold subsequently established itself below the SMA20. On Friday of the last trading week, the SMA200 (currently at 2,029.1 US dollars) was hit as part of the setback, the countermovement went up to the SMA50, with gold settling back below the SMA20 at the close of trading.
The 4h chart can therefore be interpreted as neutral. As long as gold is trading above the SMA200, it is conceivable and possible that further recoveries could occur, which could reach the SMA50 area again. The chart shows that the SMA50 could definitely be a board. If it were to return to the area of this line, in our opinion it would be essential that this line is approached with dynamism and momentum. If the precious metal can establish itself above the SMA50, it would still be important that it continues to rise quickly. If this does not occur, there is a risk of a false breakout with a corresponding risk of resetting.
However, if the SMA200 is given up as support in the course of sales and gold establishes itself below this line, the chart picture would become cloudy. Further taxes in the range of 2,002/1,998 US dollars would be conceivable and possible.
- Classification of short-term chart image, forecast (4h): neutral
Conclusion: Gold must try to stay above the SMA20 at the end of the day. If this succeeds, the upward movement could be resumed towards $2,090/95. A daily close below the SMA50 could indicate further declines towards $1,965/60.
- Probability of a bull scenario based on our setup: 55%
- Probability of bear scenario based on our setup: 45%
Assessment for the new gold trading week:
Long setup: Gold could initially try to stay above $2,043.5. If this succeeds, it could continue upwards to our next approach targets at 2,045.1, at 2,047.4, at 2,049.8, at 2,051.5, at 2,053.6, at 2,056.4, at 2,058.8, at 2,059 .9, at 2,060.1 and then go to $2,062.4. Above the $2,062.4 level our next target targets would be at 2,064.2, at 2,066.0, at 2,067.7, at 2,069.1, at 2,071.8, at 2,073.0, at 2,075.5 2,077.8, at 2,079.9, at 2,081.1, at 2,083.7, at 2,085.8 and at 2,087.8 US dollars respectively.
Short setup: If gold cannot stay above the 2,043.5 US dollar mark, the precious metal could initially reach our next target levels at 2,041.9, at 2,039.6, at 2,037.5, at 2,036.4, at 2,035.1, at 2,033.9, at 2,031.1, at 2,029.0, at 2,026.6, at 2,024.2 and then at 2,022.2 US dollars. Below the $2,022.2 mark it could continue downwards to our next target targets at 2,020.1, at 2,018.8, at 2,016.5, at 2,014.7, at 2,012.6, at 2,010.4, at 2,008, 3, at 2,005.1, at 2,002.8, at 2,000.4, at 1,998.9, at 1,996.4, at 1,994.3, at 1,992.1, at 1,989.6, at 1,986.5, at 1,984, 5, at 1,982.1 and 1,980.9 US dollars respectively.
Overarching expected gold trend in week 02/2024:
source: xStation5 from XTB
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