Gold price analysis: Gold is sideways but still have a favor for the bears

At the beginning of the week, gold is moving slowly around $1780/oz - $1800/oz. After a week of cash out, from all over aspects of finance such as bonds, stocks, gold, oil, crypto, etc. The money has slowly come back to the play, however, there is not enough strength to make a big wave.

This week, there are two important releases by the US Government: the CPI-Consumer Price Index and the Core Retail Sales. These will make a significant effect on the US Dollar Index, moreover the gold.

Trendline analysis

On the daily chart, after falling out of the $1830/oz, gold climbed back to the $1800/oz, which is called the "cash out" zone. However, the bulls is still here and the FED has not come out with anything likely that the interest rate will go up this year (see chart below).

On the 4-hour chart, the uptrend (from $1718/oz to $1833/oz) has been broken by the bears. There is a sideways zone at $1780/oz and $1800/oz (see chart below).

Resistances/Supports analysis

The resistances are $1800/oz and $1830/oz.

The supports are $1780/oz and $1755/oz.

Fibonacci analysis

The Fibonacci has been measured on the daily chart at:

The $2080/oz: this is the highest price of gold over the time.

The $1750/oz: this is the oldest support on the bearish trend. (formed from August 2020).

Gold stands at the space of Fibonacci 61.8 and 78.6, they are the significant support after the "flash crash" of gold this August. Investors should keep an eye on the bears this week.

Moving average analysis

On the daily chart, both the 2 MA20/MA50 draw a flat line, showing a small sideways zone. They are below the MA200 which is known as a good signal for the bears.

On the 4-hour chart, same as the daily chart, the MA20 crossed the MA50 but made slightly sideways at $1788/oz. However, the MA200 above, shows that the bears is dominating this chart.

On the 1-hour chart, there is a downtrend for the gold. Both the MA20/MA50 are below the MA200.