Our clear technical analysis will help you navigate the GOLD (XAUUSD) landscape. Learn about the patterns, junctures, and critical signs in this volatile commodity to help you make wise decisions.
As we previously mentioned that Gold might need more time to consolidate first before another attempt of break out, it seems happening so far. This could go up-to 4 weeks. As long as we don’t have a weekly close above 2072.57 a breakout won’t happen.
On the daily time frame we can see that we have broken below our rising trend line and have also tested it as resistance. This will further put a sideways and downwards pressure on the price action.
On the 4hr you can see that we have an immediate support at 2013.6 level. A close below it could send us down to 1976.5 level.
