GOLD Monthly/Weekly/Daily analysis 🦐

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold has reached in the last weeks a key level of 2072 and retraced back below the 2000 level creating a new highs.
On the weekly chart (lower left) we can see that retracement touched the 0.5 fib level and went back at the 0.382.
Price on the daily chart (lower right) is moving between a lower support structure at the 0.382 and a discending trendline, creating a triangle pattern .
We can expect the price to break above the discending trendline and the upper daily structure to create new highs
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Here is the Plancton0618 technical analysis , please comment below if you have any question.
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Great analysis! Love the multi-timeframe view
+1 Reply
plancton0618 Trading-Guru
@Trading-Guru thanks mate
I have a question. When I read about descending triangles on the internet, it tells me that it's bearish. Why do you think it's going to go up after this descending triangle?
+1 Reply
plancton0618 tonykonig
@tonykonig, normally we continue to rely on the major trend (bullish) unless a clear sign of inversion occur. In the triangle, consider as continuation pattern, price is moving into a tighter and tighter range. Answering to your question on discending triangles price could break the support line and continue to fall.But can happen that the support structure will be so strong to make the price bounce off of it in a impulse to the upside. In both cases anyway we wait for confirmation at the break of triangle.
Good analysts gold
+1 Reply
@Saeed966, Thanks!
Nice explanation
+1 Reply
plancton0618 Nurshakillallla
@Nurshakillallla, Great. I like it.
Thanks a lot for sharing dude
+1 Reply
plancton0618 Jenefar12
@Jenefar12, thanks for sharing your feedback! Good luck!
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