looks to be turning bearish as of this afternoon, lower highs of the day and trouble breaking above 1232 make it look like we could be heading back down to test the lower 1200s. although i believe this to be a short term retracement and that the trend is ultimately going to be bullish.
the consistent lower highs of the day all week lead me to believe that gold will have a very dificult time breaking back into to the 1200's , if the break into 1200 doesn't happen i believe we may see a drop down into the high 1180 zone.
FX_IDC:XAUUSD spiked up the past 2 days do to news and getting away from the previous trend but my analysis is that it should linger around 1339-1346 for the next few hours before falling further to 1331
Just based off chart analysis i believe the trend will stay within the drawn out channel and could face a few points of support and resistance within it but in the case that a break out is made i believe it will have a strong resistance around the 1330 range due to the fact that historically it has tested and retested that range over and over before going above or...
my analysis is that gold will continue moving in a bearish trend in the coming weeks and if breaking the resistance at 1260 i believe will continue to rise.
lots of news coming out soon so possible turn arounds.
im very new to all of this but trying my best to understand it, if you guys have any suggestions or corrections let me know!
