Gold currently in correction phase.
Updated
Gold respected the bigger bearish channel. The resistance trendline got respected and gold fell again. If bulls want to take over again for 2400 ATH this channel resistance needs to get broken first.
In the smaller picture we have a rising channel wich tested twice on the support side. Gold is hovering above a important support zone(2331-2327) were liquidity sits. If this zone gets respected by the market we might see a push back bullish.
Gold not yet showing a clear view on wich way it will go in the long run. Intraday traders should focus on both selling and buying the market.
Resistance: 2340, 2350, 2362
Support: 2328, 2319, 2308
In the smaller picture we have a rising channel wich tested twice on the support side. Gold is hovering above a important support zone(2331-2327) were liquidity sits. If this zone gets respected by the market we might see a push back bullish.
Gold not yet showing a clear view on wich way it will go in the long run. Intraday traders should focus on both selling and buying the market.
Resistance: 2340, 2350, 2362
Support: 2328, 2319, 2308
Note
So expecting gold to drop first here and test the rising support trend first. This is crucial point here. Because if the trend gets respected then gold might fly up again towards posible target 2379 and 2400. A clear break of this trend wil push gold lower. with target 2320 and 2296 in the long run
Note
Gold still inline with the expectations. Gold grew higher according to our previous analysis.Expecting further growth for gold. Multiple levels to look out for.
The bearish channel got broken. As long as we stay above wil will see bullish targets 2993, 2400 and above
Focus on higher timeframe confirmations for intraday targets
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