Weekly:
Please also have a look at our previous weekly analysis attached to the bottom.
We will look at the smaller timeframes for indications on movement on the first trading of the week. This is an overview of our weekly outlook and the levels we will be looking at for market reactions.
We can see we rejected at a key support level which has left a double bottom on the daily timeframe. We didn’t however test the lower trendline, which suggests we have a lot of room to go lower.
Its not a pinbar and not quite a dragonfly doji, however it is a bullish candle. The main point to take note of its after a key support level on a long-term timeframe. This entails caution as there is also room for this to go higher.
We have a zone resistance at 1745-50, however, what we’re really interested in is the trendline resistance at which is around 1755-60.
Because of the way we closed last week we have a higher level of 1760 and 1784 and then 1800.
Support:
1726-30
1717-15
1703-1700
1685-80
1655-45
Resistance:
1740-45
1755-65
1784-87
1800-10
Overall we are still bearish on Gold. We still have our lower target of 1647, if you've been following you'll see our bearish levels have been met all the way down from the 1900s.
Please like and follow, your likes, follows and comments are most welcomed and appreciated.
As always, trade safe. KOG
Please also have a look at our previous weekly analysis attached to the bottom.
We will look at the smaller timeframes for indications on movement on the first trading of the week. This is an overview of our weekly outlook and the levels we will be looking at for market reactions.
We can see we rejected at a key support level which has left a double bottom on the daily timeframe. We didn’t however test the lower trendline, which suggests we have a lot of room to go lower.
Its not a pinbar and not quite a dragonfly doji, however it is a bullish candle. The main point to take note of its after a key support level on a long-term timeframe. This entails caution as there is also room for this to go higher.
We have a zone resistance at 1745-50, however, what we’re really interested in is the trendline resistance at which is around 1755-60.
Because of the way we closed last week we have a higher level of 1760 and 1784 and then 1800.
Support:
1726-30
1717-15
1703-1700
1685-80
1655-45
Resistance:
1740-45
1755-65
1784-87
1800-10
Overall we are still bearish on Gold. We still have our lower target of 1647, if you've been following you'll see our bearish levels have been met all the way down from the 1900s.
Please like and follow, your likes, follows and comments are most welcomed and appreciated.
As always, trade safe. KOG
🔵 FREE TELEGRAM CHANNEL: t.me/KnightsofGold
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🔵 FREE TELEGRAM CHANNEL: t.me/KnightsofGold
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/knightsofgold2
🟢 INSTAGRAM: instagram.com/knights_of_gold/
🟡 Disclaimer: Not financial advice. For educational purposes only.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.