Gold, to Long in the Weekly Frame
Last week, the price of gold fulfilled my analysis as I predicted a long in the week from the support (1902/1904) to the 1926 where the EMA-200 is a resistance to the price but the setup was only 40 pips short of what actually happened last week.
In the weekly time frame, the gold chart is bullish as you can clearly see a tweezer bottom candle stick which indicates that the gold price can build up to the next required resistance of 1920/1922.
If the Gold price breaks the 1920 resistance, price can build up to the 1935 resistance. Gold bulls could take advantage of the in-decisiveness in the global economy.
If the price fails to break the 1920'1922 resistance, the gold bears could drive the price to a new low below 1884 to the trendline support at 1872/1875 which could spark a further decline to 1820.
In the coming week, the gold price could range between 1920 and 1904 before a possible break above to 1935 or break below 1900.
I expect the DXY to continue its bullish build above 104.450 to a possible required resistance of 105.654 which could make it difficult for the gold bulls to drive up the gold price above the resistance of 1920/1935 at some point.
In the weekly time frame, the gold chart is bullish as you can clearly see a tweezer bottom candle stick which indicates that the gold price can build up to the next required resistance of 1920/1922.
If the Gold price breaks the 1920 resistance, price can build up to the 1935 resistance. Gold bulls could take advantage of the in-decisiveness in the global economy.
If the price fails to break the 1920'1922 resistance, the gold bears could drive the price to a new low below 1884 to the trendline support at 1872/1875 which could spark a further decline to 1820.
In the coming week, the gold price could range between 1920 and 1904 before a possible break above to 1935 or break below 1900.
I expect the DXY to continue its bullish build above 104.450 to a possible required resistance of 105.654 which could make it difficult for the gold bulls to drive up the gold price above the resistance of 1920/1935 at some point.
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