Hi guys,
Couple things to notice. Were currently in a bullish channel wich hasnt broke yet. In the bigger picture were currently sitting at a strong trendresistance(daily) GOld struggles to break this zone. Also a big supply zone is holding gold back for further grow. AO is showing divergency in H4 and also Daily. WIch also indicates bullish momentum decreasing.
There are 2 scenerios.
1: If gold breaks the daily trend resistance with confirmations we can posible see big bullish targets up to 2030,2050 and even ATH at 2070 But we need to break above 2020 zone for this to happen.
2. The daily resistance holds and pullback/rejection follows. For better confirmation we need to break below the 2006 big support zone with confirmation before shorting.
Resistance 2022,2030,250
Support: 2006, 1992
Couple things to notice. Were currently in a bullish channel wich hasnt broke yet. In the bigger picture were currently sitting at a strong trendresistance(daily) GOld struggles to break this zone. Also a big supply zone is holding gold back for further grow. AO is showing divergency in H4 and also Daily. WIch also indicates bullish momentum decreasing.
There are 2 scenerios.
1: If gold breaks the daily trend resistance with confirmations we can posible see big bullish targets up to 2030,2050 and even ATH at 2070 But we need to break above 2020 zone for this to happen.
2. The daily resistance holds and pullback/rejection follows. For better confirmation we need to break below the 2006 big support zone with confirmation before shorting.
Resistance 2022,2030,250
Support: 2006, 1992
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.