GOLD CHART , all you need to know
*Gold* on the daily timeframe:
Gold is trading within an ascending parallel channel with clear bottoms and a starting peak from the low at 1620 to the higher low at 1805. It has penetrated the channel's midpoint and formed bullish patterns, an inverted head and shoulders with a target of 2218, and a double bottom with a target of 2180, both completed and testing the neckline.
The anticipation is for it to hold above the channel's peak around 2240.
Currently, it resides in a very strong resistance zone between 2148-2153, depending on the platform. Breaking and sustaining above this resistance would be highly positive for Gold, aiming for the specified zones above: 2180, 2218, and approximately 2240.
However, if the current resistance area rejects (as expected), Gold is likely to correct towards the support region below, including the neckline of the double bottom and the channel's midpoint around 2079-2080. From there, it could bounce back towards the upper targets.
In the event of a break below 2079 and sustained levels beneath it, the outlook for Gold would turn negative, prompting a reassessment.
Currently, the key areas for Gold are the current resistance zone between 2148-2153 and the support area around 2079-2080.
-Tamer Omar 07/03/2024
Gold is trading within an ascending parallel channel with clear bottoms and a starting peak from the low at 1620 to the higher low at 1805. It has penetrated the channel's midpoint and formed bullish patterns, an inverted head and shoulders with a target of 2218, and a double bottom with a target of 2180, both completed and testing the neckline.
The anticipation is for it to hold above the channel's peak around 2240.
Currently, it resides in a very strong resistance zone between 2148-2153, depending on the platform. Breaking and sustaining above this resistance would be highly positive for Gold, aiming for the specified zones above: 2180, 2218, and approximately 2240.
However, if the current resistance area rejects (as expected), Gold is likely to correct towards the support region below, including the neckline of the double bottom and the channel's midpoint around 2079-2080. From there, it could bounce back towards the upper targets.
In the event of a break below 2079 and sustained levels beneath it, the outlook for Gold would turn negative, prompting a reassessment.
Currently, the key areas for Gold are the current resistance zone between 2148-2153 and the support area around 2079-2080.
-Tamer Omar 07/03/2024
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