GOLD Buy Setup
Gold is fluctuating between the 1916 resistance and the $ 1882 support, and has recently reached close to the $ 1918 four-hour resistance. However, the technical outlook for the global ounce of gold has not changed. The XAUUSD weekly chart fluctuates above the $ 1882 support. This weekly support is at the top of the channel drawn from the peak of $ 1703. If there is an uptrend in the gold market, the focus of gold ounce traders will be on the historical peak of the market at $ 2075.
In the daily chart of ounces of gold, we also see the formation of a Wedge chart pattern between 2015 and 1862 dollars. On Tuesday, gold was able to penetrate the top of this pattern. Since the trend of ounces of global gold has been upward since the beginning of 2016, one can expect an increase in the price of ounces of global gold. The four-hour gold chart shows key resistance around $ 1918 and support at $ 1869. If the ounce of global gold crosses the four-hour resistance, it will first move to the $ 1932 resistance. On the other hand, if the price of an ounce of world gold falls below $ 1869 support, it will reach the next support at $ 1852.
In the daily chart of ounces of gold, we also see the formation of a Wedge chart pattern between 2015 and 1862 dollars. On Tuesday, gold was able to penetrate the top of this pattern. Since the trend of ounces of global gold has been upward since the beginning of 2016, one can expect an increase in the price of ounces of global gold. The four-hour gold chart shows key resistance around $ 1918 and support at $ 1869. If the ounce of global gold crosses the four-hour resistance, it will first move to the $ 1932 resistance. On the other hand, if the price of an ounce of world gold falls below $ 1869 support, it will reach the next support at $ 1852.
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