This analysis is about the pink annotations, which are from the weekly timeframe. The grey ones are from daily/4h and i'll be posting an analysis about them later... follow me to make sure you see that.
As you can see, gold is in a clear uptrend. The bottom trendline has 3 or 4 points visible from the weekly TF where price has come down and respected the trendline. The last time it came down was in March, and it was respected.
Around August last year there was a major reversal, which can be seen with the top pink trendline. Unlike the bottom trendline, the top trendline was broken around $1780 in May, indicating that this downtrend is now over.
Personally i see price rallying up into the pink zone, specifically around $1960. When price reaches that point, we may see a correction.
This is just my opinion based on my technical analysis, we may see a different result due to external factors such as fundamentals.
As you can see, gold is in a clear uptrend. The bottom trendline has 3 or 4 points visible from the weekly TF where price has come down and respected the trendline. The last time it came down was in March, and it was respected.
Around August last year there was a major reversal, which can be seen with the top pink trendline. Unlike the bottom trendline, the top trendline was broken around $1780 in May, indicating that this downtrend is now over.
Personally i see price rallying up into the pink zone, specifically around $1960. When price reaches that point, we may see a correction.
This is just my opinion based on my technical analysis, we may see a different result due to external factors such as fundamentals.
