GOLD : Weekly movement for 220724
https://www.tradingview.com/x/vXddjPVq/
https://www.tradingview.com/x/Hhxa91Ve/
https://www.tradingview.com/x/35YRm7W8/
WEEKLY
Conclusion: Bearish
Analysis:
-As per candle date 150724 from weekly timeframe, it has rejected the tentative trendline and resistance level at 2417.55. Both rejections have pushed the price down below the support level which has become the resistance level according to the daily timeframe. 4h timeframe give definite signal of bearish with the price close lower than the previous trough and creating a double top chart pattern. The price will continue to decrease as per pullback to the nearest resistance area which is the daily area. Just wait for the price to enter the area before try to find the entry level at 4h and 1h timeframe. The target is the nearest support area in weekly timeframe.
https://www.tradingview.com/x/Hhxa91Ve/
https://www.tradingview.com/x/35YRm7W8/
WEEKLY
Conclusion: Bearish
Analysis:
-As per candle date 150724 from weekly timeframe, it has rejected the tentative trendline and resistance level at 2417.55. Both rejections have pushed the price down below the support level which has become the resistance level according to the daily timeframe. 4h timeframe give definite signal of bearish with the price close lower than the previous trough and creating a double top chart pattern. The price will continue to decrease as per pullback to the nearest resistance area which is the daily area. Just wait for the price to enter the area before try to find the entry level at 4h and 1h timeframe. The target is the nearest support area in weekly timeframe.
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