Gold Price Analysis – Gold slightly bounced, the bearish trend has not broken

This week, gold does not have any significant change. The accumulation is around $1745/oz – $1770/oz, which is caused by the stable news from the US Governments these days. After the FED meeting last week, the “tapering” plan is viewed with favor that the interest rate will rise more sooner this 2022. A few days later, the Republicans and the Democrats had reached a unified voice about raising the government debt ceiling which made the White House continue to “survive” until December. This made a significant impact on the stock markets, alo the climbing of gold.

The DXY – US Dollar Index is moving around 90.0 – 90.4. This is a slight change that does not have any significant impact on the gold. This week, we must keep an eye on the Non-farm news: Employee/Unemployment Rate.

Trendline analysis

On the daily chart, the bears is totally dominating all the prices. There is no signal that the bulls is making a revolution this week. (see chart below).
On the 4-hour chart, a small bullish signal is created. In the past 3 days, gold has accumulated at $1745/oz – $1770/oz which shows a slight civil war of the bulls/bears. (see chart below).

Resistances/Supports analysis

The resistances are $1770/oz, $1790/oz and $1835/oz.

The supports are $17450/oz and $1720/oz.

Fibonacci analysis

The Fibonacci indicator is measured on the daily chart at 2 levels:

The $1920/oz: This is a double top pattern, which is made in the last 6 months.

The $1680/oz: The strongest support in the past 2 years.

Gold bounced over the Fibonacci 23.6 which drew a sideways zone. The Fibonacci 38.2 is a dynamic huge resistance that prevents the bulls from the race.

MA analysis

On the daily chart, both the MA20/MA50 are above the MA200, which means the bears eventually will go along this week.