Gold -> Not Bearish Yet

30 apr 2023

Hello Traders,
welcome to this free and educational multi-timeframe technical analysis .

On the weekly timeframe you can see that as we are speaking Gold is still retesting previous weekly resistance at the 1980 level which is now turned quite strong support.
You can also see that weekly market structure and moving averages are still bullish, in my opinion Gold is also ready to finally create some new all-time-highs, so I am now just waiting for some rejection away from the support zone and then potentially even a break of the previous all-time-high and then a new bullmarket for Gold.

On the daily timeframe however you can see that Gold is still over and over again retesting previous daily support at the 1980 level and generally speaking the more often we test a zone the higher the likelihood that we will eventually break it, so there is a chance that we will see another retest of the next daily support at the 1950 area from which I then do expect a next impulse towards the upside.

Thank you for watching and I will see you tomorrow!

You can also check out my previous analysis of this asset:
https://www.tradingview.com/chart/XAUUSD/EqR2ZsoO-Gold-New-All-Time-Highs/