GOLD STRUCTURE ANALYSIS|SITUATION OVERVIEW
GOLD has recently seen a good correction from the all time high peak onto a confluence of the support lines of various reliability.
It is so far impossible to know what path will be chosen by the market, yet the overall sentiment is bullish, with the recent correction serving as a sign of health of the growth.
In situations like this one, the understanding of the key levels might be of great help.
A look at the chart gives us the new ultimate resistance- the new all time high. The massive support cluster in the green is formed by a number of support lines. It is intentional, that I am not highlighting any support line in particular, as I do not know which one is appreciated by the mkt the most. That means that the market itself does not know yet. However, the support cluster is a great way of seeing if the metal is still looking up.
Anything above the cluster is bullish, a fall below is bearish.
So far the cluster stands, with all the support lines intact, hinting us that the retest of the resistance is possible, with either a double top or breakout scenarios. The bearish outcome is less likely ,based on the chart data we discussed, thus the downward arrow is dotted and bleak.
Further depth and precision is so far possible by the lower timeframe price action analysis.You can do that yourself using my key levels chart above.
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