The main trend is down. After a weak closing on Thursday, expecting further pull back on Friday. If prices bounce off of $1682 level, then the market may trade within a range from $1682 bottom to $1737 top. If $1682 is broken, the next downside targets are Fib levels at $1660 (0.618) and $1620 (0.5). RSI indicator is pointing toward lower prices.
Objective Gold Futures Analysis
The price of an ounce of gold in COMEX:GC1! has declined from a 52 week high of $1704.3 to $1450.9 (a $253.4 decline or -15%).
Looking at the volume profile on the left the low 1450.9 is a rejected price; low volume trades at that horizontal price level so is subject to sudden bounces when touched.
Again looking at the volume...
Gold is showing a continued upward move started 2016
The price move move is accompanied by volume
Price traded volume confirms this on Monthly/Weekly
Daily - bullflag
This coming week am aexpecting gold to break out of the flag
Target immediate prior highs
Price has tested twice the support area of the consolidation zone forming a double-bottom
Weekly chart, P.A suggest rejection into monthly resistance. 2 inverted hammers on above average volume.
daily chart, RSI broke major 60 days support. Also price below a defining trend line indicating bears taking control.
240min chart, broke a 3 day trend-line and closed below weekly resistance. bears in control.
60min chart, suggest sell upon break of 1486.7 and...
The chart shows where major support and resistance is, and is there to indicate the trend. On smaller time frames you'll notice that Gold has over the past week firmly stayed at 1275, rather than dipping lower. The fact that this is happening near a turning point in a major downtrend may indicate that this an early signal to get long. If Gold moves above...