Gold -> New Highs In 2023?

2023年7月12日

Hello Traders and Investors,
my name is Philip and today I will provide a free and educational multi-timeframe technical analysis of Gold💪

The monthly timeframe on Gold is still looking quite bullish considering that Gold is currently retesting the 0.382 fibonacci retracement level in confluence with support at the $1930 level.

On the weekly timeframe you can see that Gold is already starting to reject previous weekly resistance which - after the break above - was of course turned clear support.

And with Gold being up almost 1.5% today we are now creating bullish market structure again; therefore I am simply waiting for any kind of retracement to enter a long on Gold and to capialize on the next major bullish impulse.

Keep in mind: Don't get caught up in short term moves and always look at the long term picture; building wealth is a marathon and not a quick sprint📈

Thank you for watching and I will see you tomorrow!

My previous analysis of this asset: