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gold after several attempts could stay above 2325 and passed the top of the pattern. the important area of support and resistance on the chart... go smoothly step by step ...

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Gold price is trading within a narrow range, (XAU/USD) extends its consolidative price move above the $2,300, confronted with the strong area of 2325 step by step ...

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I saw a kind of wedge pattern on the weekend so thought that a correction wave is more possible around 2380.after a downtrend it is obvious that the first form of the pattern is completed around 2295. Gold price is nursing losses while holding above $2,300, stalling its two-day decline, as traders look forward to the mid-tier US economic data for fresh cues on the...

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I looked at the chart several times and watch different scenarios. on the weekend. on my last post mentioned that decline is more possible. we are having a corrective wave around 2300. and also gold past its strong support easily, and it could be a little strange. despite the news we have this week, I go by my chart step by step as usual.

mostafalp Updated 

Gold price which is considered as a safe haven, beginning the new week with red candles. if it wants to decline, movement toward the supportive fibo levels is possible.

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after the news about tension in the middle east gold meet above 2400 once again, as we expected. during recent days, price 2395 has been a resistance . if not capable of passing 2395, downtrend toward the fibo level is expected.

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it was difficult to rise more than 2395, and after several attempt, we had a correction. gold reaches the static, dynamic and fibo level as a good support and demand is forming to push the price above 2400. we go step by step ...

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It is obvious that gold needs a correction. on the other hand we see gold is still above the support and keep trying to meet above 2400. maybe today is the last day for the results of the recent tensions in the middle east. so gold could use this opportunity as a n excuse to continue its uptrend.

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however the correction could be complex, gold is gathering strength to continue its uptrend. we should see its reaction to the support. we go step by step...

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gold had a correction but has stayed above 2350. and it is above the support line. gold wants to keep its uptrend movement.

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Gold has been moving inside the channel, as reacted some times. The .618 fibo level can act as a support to push the gold to the top of the channel and the 1 fibo level as a target(2315). It is possible to decline from that point, otherwise in order to breack the top of channel, another rise toward 1.618 level is pissible

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moving in the triangle. after testing 2200, gold can see the important supportive levels.

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Gold is trying to retest 2200. decline toward fibo levels is possible. we should move step by step.

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at the previous chart, we had a downtrend toward fibo levels. it is possible to test the upper resistance and then another downtrend toward the dynamic supportive line.

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the previous analysis the 1.618 fibo around 2173 was a target for an uptrend. as you know gold reached a new high. It is possible to test the shadows above 2200, and after that may tend to reduce toward the fibo levels.

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gold as expected, after 3 times testing the uptrend line, have a downtrend. and reaching the downtrend. It is possible to get energy to test 2170 another time.

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we saw a good uptrend. bearish movement is possible but before that, another uptrend for test the resistance is possible. we go step by step.

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as euro fulfilled its target and touched target 1, correction is possible and the important zone for descending trend is clear in the chart.