The Chart of the Week: Gold price remains under pressure at key resistance
Premium|You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
Your coupon code
FXS75
- Gold prices are trapped on the weekly time frame, but bears lurking at resistance.
- The four chart offers a slightly bullish perspective.
The price of gold, as forecasted in the prior analysis, has been into to test the key weekly support territory in recent bearish moves. However, the following top-down analysis illustrates that the price can now be expected t to correct back towards $1,710 before the next downside move.
Monthly chart
The price is now at key support and would be expected to correct higher at this juncture.
Weekly chart
The weekly chart is a clearer perspective of the thesis.
Daily chart
From a daily perspective, the recent test of the 38.2% Fibo is bearish for the longer-term outlook but support traps the outlook.
4-hour chart
As per the 4-hour chart, the outlook is bearish, but there is every possibility of a deeper and fuller test of the recent highs in the sessions ahead.
- Gold prices are trapped on the weekly time frame, but bears lurking at resistance.
- The four chart offers a slightly bullish perspective.
The price of gold, as forecasted in the prior analysis, has been into to test the key weekly support territory in recent bearish moves. However, the following top-down analysis illustrates that the price can now be expected t to correct back towards $1,710 before the next downside move.
Monthly chart
The price is now at key support and would be expected to correct higher at this juncture.
Weekly chart
The weekly chart is a clearer perspective of the thesis.
Daily chart
From a daily perspective, the recent test of the 38.2% Fibo is bearish for the longer-term outlook but support traps the outlook.
4-hour chart
As per the 4-hour chart, the outlook is bearish, but there is every possibility of a deeper and fuller test of the recent highs in the sessions ahead.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.