Hello Traders, welcome to this free and educational multi-timeframe technical analysis.
On the weekly timeframe you can see that Gold is still overall in a quite bullish market despite the recent retracement since it is retesting support at the $1950 level. Gold also just retested the 50% fibonacci retracement level of the previous impulse and is now starting to consolidate at the current support zone so I am now just waiting for a bullish rejection and confirmation and then I do expect a rejection towards the upside.
On the daily timeframe you can see that Gold is still trading in a quite nice triangle formation with the support level at the $1940 area, I am also on the daily timeframe waiting for a bullish breakout, then we will also have bullish moving averages and then it is very likely that we will see more 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:
Nice technical overview Phillip! I caught the bearish breakout on Silver today, it had a bit more momentum than Gold. I think we’ll see a break coming soon. Great work. 😉