XAUUSD Long Term Analysis (Weekly/Monthly Timeframe)
Updated
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Colour key: Blue = Monthly, Pink = Weekly
As you can see, I've drawn out some supply and demand (S&D) zones from the monthly timeframe, as well as key support and resistance (S&R) levels from the weekly timeframe. I've also drawn a wedge trendline pattern from the weekly.
My long-term bias for gold is quite neutral, because i don't think we'll have a good idea of what direction it might go in until it breaks this wedge pattern either to the upside, or to the downside (represented by the arrows).
However, for now, i think price may breakout of the trendline slightly to reach the monthly demand/buy zone, from which we will see price go up for a while. Then i see it moving up and down within the wedge until a breakthrough.
I may post a short-term analysis later to show a more precise entry.
Updates to follow, follow me for more.
Colour key: Blue = Monthly, Pink = Weekly
As you can see, I've drawn out some supply and demand (S&D) zones from the monthly timeframe, as well as key support and resistance (S&R) levels from the weekly timeframe. I've also drawn a wedge trendline pattern from the weekly.
My long-term bias for gold is quite neutral, because i don't think we'll have a good idea of what direction it might go in until it breaks this wedge pattern either to the upside, or to the downside (represented by the arrows).
However, for now, i think price may breakout of the trendline slightly to reach the monthly demand/buy zone, from which we will see price go up for a while. Then i see it moving up and down within the wedge until a breakthrough.
I may post a short-term analysis later to show a more precise entry.
Updates to follow, follow me for more.
Note
Gold had a very sudden 700 pip spike downwards. Price retraced fairly quickly to 1747, which is my monthly buy zone, so i'll still be looking for confirmation for buysNote
Price came down to 1687. I didn't mark the zone out on my chart but you can clearly see that it rejected off of a weekly demand zone. My bullish bias remains intact and i still believe we'll likely see gold bounce off of the top trendline.
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