Hello Traders,
welcome to this free and educational multi-timeframe technical analysis .
On the weekly timeframe you can see that Gold just recently perfectly retested and also now rejected a quite obvious weekly support/resistance area and is now creating the continuation towards the upside.
You can also see that last week's weekly candle closed extremely bullish with a huge rejection wick to the downside, definitely indicating strong buying pressure so from a weekly perspective I just do expect more upside continuation to retest the next resistance zone at $1955.
On the daily timeframe you can see that we are actually quite overextended towards the upside, the past 3 days we are up 5.5% and we are also retesting previous support, now turned resistance so it is definitely likely that we will see a short term correction before then the longer term continuation towards the upside.
Thank you for watching and I will see you tomorrow!
You can also check out my previous analysis of this asset:
welcome to this free and educational multi-timeframe technical analysis .
On the weekly timeframe you can see that Gold just recently perfectly retested and also now rejected a quite obvious weekly support/resistance area and is now creating the continuation towards the upside.
You can also see that last week's weekly candle closed extremely bullish with a huge rejection wick to the downside, definitely indicating strong buying pressure so from a weekly perspective I just do expect more upside continuation to retest the next resistance zone at $1955.
On the daily timeframe you can see that we are actually quite overextended towards the upside, the past 3 days we are up 5.5% and we are also retesting previous support, now turned resistance so it is definitely likely that we will see a short term correction before then the longer term continuation towards the upside.
Thank you for watching and I will see you tomorrow!
You can also check out my previous analysis of this asset:
