XAUUSD - Weekly (The Bigger Picture)

Monthly:

Please also refer to our previous monthly chart from last week.

So far we’re being supported at the 2011 and 2012 resistance levels. We’ve broken out of our pattern similar to the one we saw during the last big move up in Gold during 2009/11.

Looking at the chart closely we can see that last weeks candle closed below a key closing price of 1834/5 which during 2011 was a turning point for Gold. We would ideally want the monthly to close below this level for confirmation on this timeframe of a move lower down.

We’re looking at this chart for a retest of resistance at the 1835 level as there is likely to be a reaction here. Breaking and closing above consecutively will most likely open up higher prices for the short-term.

If we’re following similar price action to 2011 you can see we bounced around this time in its move and went up to challenge the high. This is something to keep in mind!

This is the bigger picture, lets look further into the smaller timeframes.

Comment:

Sorry. This is MONTHLY