Gold

The encounter with the weekly mid-term trend support level at 2537.92 significantly impacted the market. Bullish players leveraged the strength of the weekly Kijun line to nearly erase the losses incurred over the prior two weeks. This development raises the possibility of reversing the recently formed daily Ichimoku dead cross (2692.84).

If bulls maintain their momentum and effectiveness, the psychological levels of 2750.00, 2800.00, 2850.00, 2900.00, and the all-time high of 2789.48 may become achievable targets. However, should the bulls lose steam or pause, the supports of the daily Ichimoku dead cross, currently positioned at 2692.84, 2662.95, and 2633.06, could come into play. Additionally, the weekly short-term trend (2662.95), which shifted from resistance to support at the end of last week, now strengthens these Ichimoku levels.

H4 – H1

On lower timeframes, gold's activity has fueled a sustained uptrend. Bulls breached the H4 Ichimoku cloud throughout this upward momentum and established a bullish target. Consequently, the bullish targets on lower timeframes—represented by the resistances of classic Pivot Points—now include the H4 target levels of 2727.93 – 2749.22.

The most critical level on the lower timeframes is around 2640.36 (weekly long-term trend). This level, along with the classic Pivot Point supports, will bolster gold in a corrective decline. However, a breakthrough and reversal of the trend at 2640.36 would shift the balance of power in favor of bearish players.

For intraday movements, the supports and resistances of classic Pivot Points serve as key references. Their positioning updates daily, with new values becoming available shortly after the market opens.

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Technical Tools Used:

Higher Timeframes: Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

H1: Pivot Points (Classic) + Moving Average 120 (weekly long-term trend)