Gold -> Forming The Bottom For The Rally
Hello Traders,
welcome to this free and educational multi-timeframe technical analysis.
On the weekly timeframe you can see that Gold is still sitting at the previous resistance area which Gold recently broke towards the upside and is now turned support at the $1940 area.
You can also see that overall market structure is still bullish, Gold also perfectly retested the 50% retracement level of the fibonacci taken on the last impulse, so from a weekly perspective I still do expect another rally towards the upside from here.
On the daily timeframe you can see that Gold is still trading in the range with resistance at the $1980 level and support at the $1949 level so I am now just waiting for a break above the resistance and a retest and then I do expect the bullish continuation from there.
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 is still sitting at the previous resistance area which Gold recently broke towards the upside and is now turned support at the $1940 area.
You can also see that overall market structure is still bullish, Gold also perfectly retested the 50% retracement level of the fibonacci taken on the last impulse, so from a weekly perspective I still do expect another rally towards the upside from here.
On the daily timeframe you can see that Gold is still trading in the range with resistance at the $1980 level and support at the $1949 level so I am now just waiting for a break above the resistance and a retest and then I do expect the bullish continuation from there.
Thank you for watching and I will see you tomorrow!
You can also check out my previous analysis of this asset:
