The big picture of Gold (XAU/USD)!
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Monthly chart,
I have noticed:
1. Price hit the all-high long-term resistance line (R) in years 2011, 2000, 2022, May and Dec. 2023 - So there is an acceleration.
2. High volumes since year 2021
3. Trading range is being close to the upper resistance over the past 36 months.
Technically, crossing and stabilizing for 2 months above the resistance line (R), the target will be 3035 extending to 3335
Below 1810 should be considered as a Stop Loss; as this level will push the price downwards to the support line (S) around 1515
I have noticed:
1. Price hit the all-high long-term resistance line (R) in years 2011, 2000, 2022, May and Dec. 2023 - So there is an acceleration.
2. High volumes since year 2021
3. Trading range is being close to the upper resistance over the past 36 months.
Technically, crossing and stabilizing for 2 months above the resistance line (R), the target will be 3035 extending to 3335
Below 1810 should be considered as a Stop Loss; as this level will push the price downwards to the support line (S) around 1515
Trade attivo
Still in the uptrend setup..Trade attivo
Technical indicator RSI is over-bought, which may reflect on near minor correction - but still bullish
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