Gold at a turning point
Weekly technical picture is really interesting! For the last 3 weeks gold has been attacking severely a key resistance zone made of the confluence of multiple technical indicators: upper bound of a mid-term down trending channel and the 200 weekly EMA.
The weekly candlestick is a doji, it's a sign of indecision and can often be interpreted as a reversal signal especially after a strong rally as the one we have seen recently.
The stochastic oscillator is also deeply overbought meaning that the upside potential is now limited.
The weekly candlestick is a doji, it's a sign of indecision and can often be interpreted as a reversal signal especially after a strong rally as the one we have seen recently.
The stochastic oscillator is also deeply overbought meaning that the upside potential is now limited.
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