Gold -> Testing Patience
Hello Traders,
welcome to this free and educational multi-timeframe technical analysis.
On the weekly timeframe you can see that Gold is still retesting a major previous weekly structure area which is now still turned support at the $1920 level.
You can also see that Gold is retesting the 61.8% fibonacci retracement level and we are also having bullish weekly moving averages so there is still a decent chance that we will see another rejection towards the upside on Gold.
On the daily timeframe however Gold just broke out of a bearish descending triangle which is always a continuation pattern so market structure is clearly bearish - therefore I am waiting for a break back above the $1940 structure zone and then I do expect another push higher 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 retesting a major previous weekly structure area which is now still turned support at the $1920 level.
You can also see that Gold is retesting the 61.8% fibonacci retracement level and we are also having bullish weekly moving averages so there is still a decent chance that we will see another rejection towards the upside on Gold.
On the daily timeframe however Gold just broke out of a bearish descending triangle which is always a continuation pattern so market structure is clearly bearish - therefore I am waiting for a break back above the $1940 structure zone and then I do expect another push higher from there.
Thank you for watching and I will see you tomorrow!
You can also check out my previous analysis of this asset:
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