Hello Traders,
welcome to this free and educational multi-timeframe technical analysis .
On the weekly timeframe you can see that Gold actually just recently retested and rejected a quite massive previous weekly resistance area exactly at the $2050 level, which was also the previous all-time-high.
You can then see that Gold is also approaching previous weekly resistance which is now turned support at the $1940 level, so from a weekly perspective I do expect at least a short term rejection away from the support area.
On the daily timeframe however market structure is still quite bearish, we are retesting previous daily support though from which I do expect some rejection so I am now just waiting for some bullish confirmation before a move towards the upside will be quite likely.
Thank you for watching and I will see you tomorrow!
You can also check out my previous analysis of this asset:
welcome to this free and educational multi-timeframe technical analysis .
On the weekly timeframe you can see that Gold actually just recently retested and rejected a quite massive previous weekly resistance area exactly at the $2050 level, which was also the previous all-time-high.
You can then see that Gold is also approaching previous weekly resistance which is now turned support at the $1940 level, so from a weekly perspective I do expect at least a short term rejection away from the support area.
On the daily timeframe however market structure is still quite bearish, we are retesting previous daily support though from which I do expect some rejection so I am now just waiting for some bullish confirmation before a move towards the upside will be quite likely.
Thank you for watching and I will see you tomorrow!
You can also check out my previous analysis of this asset:
