important part of technical analysis is Support and Resistance. If the price rises to a level and bounces lower, failing to surpass it, that level is considered Resistance. When the level is reached again, considering that price bounced off it in the past, usually traders expect history to repeat itself and the asset to bounce lower again.
Gold in weekly chart is...
This is a week interval analysis .
One of the worst possibilities for Oil is a double ZZ Wave WXY .
We already finished the A wave of Y and we are about to go for a strong C wave down that
need to break 50.95 of wave 1 .