In this blog post, we are carrying out Technical Analysis of Commodity GOLD which is showing Buying Pressure.
After heating all our previous 3 targets, Gold is still having Buying Pressure. As shown in the Technical analysis chart for Commodity Gold for buying, traders are continually buying after it has crossed the critical levels of 1,366.1 and 1,375.3. The price peaked at 1,366.1 after buying in the month of January 2018 as shown in the monthly chart. The price peaked at 1,375.3 after buying in the month of July 2016 as shown in the monthly chart. Seeing these 2 levels getting surpassed, the Buying Pressure has been intensified.
To evaluate the Buying Pressure for Gold, we have drawn standard error channels as:
1. from the swing low of December 2015 and
2. from the swing low of December 2016. These 2 powerful channels are still very much valid.
At the time of writing this blog post, Gold for buying is trading at the Buying Pressure level of 1,415.8. Now the previous 2 swing highs at 1,366.1 and 1,375.3 have become it’s recent supports.
From our predictive price analysis, the price objectives for Gold if you are buying, can be found as below:
- 1,421.2 price level,
- 1,433.8 price level,
- 1,509.7 price level.
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