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Colour key: Blue = Monthly, Pink = Weekly
As you can see, I've drawn out some supply and demand (S&D) zones from the monthly timeframe, as well as key support and resistance (S&R) levels from the weekly timeframe. I've also drawn a wedge trendline pattern from the weekly.
My long-term bias for gold is quite neutral, because i don't think we'll have a good idea of what direction it might go in until it breaks this wedge pattern either to the upside, or to the downside (represented by the arrows).
However, for now, i think price may breakout of the trendline slightly to reach the monthly demand/buy zone, from which we will see price go up for a while. Then i see it moving up and down within the wedge until a breakthrough.
I may post a short-term analysis later to show a more precise entry.
Updates to follow, follow me for more.
Colour key: Blue = Monthly, Pink = Weekly
As you can see, I've drawn out some supply and demand (S&D) zones from the monthly timeframe, as well as key support and resistance (S&R) levels from the weekly timeframe. I've also drawn a wedge trendline pattern from the weekly.
My long-term bias for gold is quite neutral, because i don't think we'll have a good idea of what direction it might go in until it breaks this wedge pattern either to the upside, or to the downside (represented by the arrows).
However, for now, i think price may breakout of the trendline slightly to reach the monthly demand/buy zone, from which we will see price go up for a while. Then i see it moving up and down within the wedge until a breakthrough.
I may post a short-term analysis later to show a more precise entry.
Updates to follow, follow me for more.
Commento:
Gold had a very sudden 700 pip spike downwards. Price retraced fairly quickly to 1747, which is my monthly buy zone, so i'll still be looking for confirmation for buys
Commento:
Price came down to 1687. I didn't mark the zone out on my chart but you can clearly see that it rejected off of a weekly demand zone. My bullish bias remains intact and i still believe we'll likely see gold bounce off of the top trendline.