Gold Intraweek Technical Analysis:
the move made by gold was very obvious the week, everyone was waiting for the gold to test the support of 1625 atleast once again so that it can be tested and the volumes can be observed.gold tested the support of 1625 with a false breakout towards 1620 and then made a rally to all the way till 1660,giving a weekly and daily closure above the down channel trendline. Another daily closure above the time frame will confirm the reversal for a short period of time. Gold has a resistance of 1728 on weekly time frame and 1675 on daily time frame. A rejection at 1675 level will push gold back to test the supports of 1645 and 1625. My idea is that in coming week gold will try to give a weekly closure above 1675 which will open doors for 1725 in the first week of November and then gold will move towards downside one last time in the third week of November if the interest rate is revised.after which we may see a huge rally towards 1800 in the Christmas holidays.
If you like this or if you think the opposite of this or if there is any other opinion, mention it in the comments. I am open to all kind of suggestions and critics.
the move made by gold was very obvious the week, everyone was waiting for the gold to test the support of 1625 atleast once again so that it can be tested and the volumes can be observed.gold tested the support of 1625 with a false breakout towards 1620 and then made a rally to all the way till 1660,giving a weekly and daily closure above the down channel trendline. Another daily closure above the time frame will confirm the reversal for a short period of time. Gold has a resistance of 1728 on weekly time frame and 1675 on daily time frame. A rejection at 1675 level will push gold back to test the supports of 1645 and 1625. My idea is that in coming week gold will try to give a weekly closure above 1675 which will open doors for 1725 in the first week of November and then gold will move towards downside one last time in the third week of November if the interest rate is revised.after which we may see a huge rally towards 1800 in the Christmas holidays.
If you like this or if you think the opposite of this or if there is any other opinion, mention it in the comments. I am open to all kind of suggestions and critics.