VasilyTrader

GOLD (XAUUSD): Technical Outlook & Price Action

Long
FX:XAUUSD   Gold Spot / U.S. Dollar

hey traders,

here is my multi-timeframe outlook on gold:

on a daily the price is still coiling on a major falling trend line that the price touched last week.

Taking into consideration that the global trend is bullish , I still expect a bullish reaction & continuation.

However, checking the situation on hourly time frame, we can clearly see that the price is currently consolidating.
Local support cluster is based on a daily trend line and 1817 level - current local structure low.

I believe that we can expect an intraday bounce from that next week.

I would also recommend waiting for a confirmation before you buy.

Good luck!