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Weekly Gold Chart: Holding Key Support, Likely to Move Higher
The weekly chart of gold shows that after testing the 2071 level (point X), prices continued to decline and hit a low of 1615 (point A) during the week. However, prices rebounded strongly after consolidating at the bottom and reached a high of 1960 (point B) before coming under pressure and falling back down. The price was supported by the 1805 level (point C) and stopped its decline.
By holding the support area of 1800-1810 and recording a long bullish candlestick, coupled with the fast line of the KDJ indicator turning up from the oversold area, the market may still have more rebound momentum. The important resistance above is at 1960. If this level is broken, the 2070-2075 area will face a challenge.
The author believes that breaking through the 1960 level will create conditions for the formation of a bearish butterfly pattern, with an ideal convergence point at 2195.
The support below is in the 1800-1810 area. If it is broken, more downside potential may be opened up, and the market may further retreat to the 1730-1740 area to seek support.
The four-hour chart of gold shows a sustained downtrend since touching 1890 (X point) on February 9th, with a low of 1805 (point A) on February 28th. The market rebounded after consolidating at the bottom and broke through the upper boundary of the downtrend channel since X point, leading to an expansion in the upward trend.
After breaking through and stabilizing the short-term important resistance zone of 1847-1850, a compound bullish head and shoulders bottom pattern may have formed, suggesting that the market is likely to continue to rise towards the 1890-1900 area!
The market is changing rapidly. In order to communicate in a timely manner, everyone can enter the personal free communication channel and exchange guidance.
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Weekly Gold Chart: Holding Key Support, Likely to Move Higher
The weekly chart of gold shows that after testing the 2071 level (point X), prices continued to decline and hit a low of 1615 (point A) during the week. However, prices rebounded strongly after consolidating at the bottom and reached a high of 1960 (point B) before coming under pressure and falling back down. The price was supported by the 1805 level (point C) and stopped its decline.
By holding the support area of 1800-1810 and recording a long bullish candlestick, coupled with the fast line of the KDJ indicator turning up from the oversold area, the market may still have more rebound momentum. The important resistance above is at 1960. If this level is broken, the 2070-2075 area will face a challenge.
The author believes that breaking through the 1960 level will create conditions for the formation of a bearish butterfly pattern, with an ideal convergence point at 2195.
The support below is in the 1800-1810 area. If it is broken, more downside potential may be opened up, and the market may further retreat to the 1730-1740 area to seek support.
The four-hour chart of gold shows a sustained downtrend since touching 1890 (X point) on February 9th, with a low of 1805 (point A) on February 28th. The market rebounded after consolidating at the bottom and broke through the upper boundary of the downtrend channel since X point, leading to an expansion in the upward trend.
After breaking through and stabilizing the short-term important resistance zone of 1847-1850, a compound bullish head and shoulders bottom pattern may have formed, suggesting that the market is likely to continue to rise towards the 1890-1900 area!
The market is changing rapidly. In order to communicate in a timely manner, everyone can enter the personal free communication channel and exchange guidance.
Click on the link below
Comment:
Step back around 1855 and continue to consider buying up
Comment:
gold continues to rise
Comment:
Gold directly pulled up and came to the pressure position of 1890
