Gold (XAUUSD): Detailed Technical Outlook 🟡

8 Jan 2023

Hey traders,

Here is my multiple time frame technical outlook on Gold.

Analysing a weekly time frame, I spotted a solid horizontal supply area.
1870 - 1920 is the zone from where a bearish wave may initiate.

On a daily time frame, the price is steadily growing within a rising parallel channel.
For now, I would consider trading its boundaries: selling its resistance and buying its support.

Alternatively, a bearish breakout of its support may trigger a massive sell-off.

I will post an update once I see a decent confirmation.

Good luck next week!

❤️If you have any questions, please, ask me in the comment section.
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