It is safe to say Gold has been giving us clear direction ever since the high/major support was respected. A couple of weeks ago we had a breakout from a trend that stood firm for months, it is only natural to test the breakout. Many investors strongly believe Gold will make higher prices by beginning of 2024. I'd like to disagree on that until the price falls...
Our metal respected an uptrend that has been developing since November 2022. A clear failure to break this trend line forced the price to violate a descending channel that developed from a new high and retested this breakout.
Should we expect a new high from Africa's finest?
For the 3rd time in three years Gold seem to fail TADAWUL:2060 which is the highest of all time, respecting a monthly ascending trend line resistance. Every investor is looking to short the precious metal. Going lower to Daily and H4 TF, we seem to be forming what looks to be some sort of head and shoulder/ triple top structure forming. As the price looks weaker...