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GOLD - Simple Trend Line Analysis (Part II)This monthly gold chart demonstrates the beauty of using simple trend line for accurate technical analysis in long term chart, as the old sayings go "Simple is the best, Less is more." Gold looks like it has had a nice breakout of the bullish flag formation (the descedning broadening wedge) in Feb 2022, doesn't it ? Monthly MACD indicates that a cross-over can happen soon. March's monthly close shall confirm the breakout move if it turns out to be a green candle later. Otherwise, it could be a fake breakout. What do you think about gold's next move based on this chart ?
FX_IDC:XAUUSD
by GOLDTREND-NET
GOLD - V-Bottom Hints Upside ReversalGold has seemed to form a V-Bottom pattern on the daily chart at roughly 1780 area. Note that gold has almost touched the 61.8% Fibonacci retracement of the swing from 1680 to 1880 and rebounded. Furthermore, it seems to hold the uptrend line from 1680 low at August while RSI indicator also shows the bulls are trying to hold the uptrend remained intact. As long as gold can hold above its swing low at 1759, uptrend still remains valid. All of this could indicate an upside reversal in the coming days and week. Once gold breaks 1800 level, it will fly very quickly to 1825-1835 resistance level. Its final target should be at 1855-1865 level where the downtrend line remains. It is good to buy around 1775-1785 with a strict stop loss under 1759. Targets should be 1830 then 1860.
FX_IDC:XAUUSDLong
by GOLDTREND-NET
GOLD - Above 1815 Leads To 1915Gold is now at critical point 1810-1815. This area proves to be a strong resistance area where the downtrend line coincides with the 200-day MA. Gold needs a few daily sessions close above 200-day MA at roughly 1810 to gain fresh bullish momentum. Otherwise it could fail hard again. Above 1815, gold will test 1835. Yet looking ahead the path is quite clear to reach 1915 once gold is above 1835. RSI momentum tends to fail when it reaches 60 on daily time frame (it happened two times before this). This proves gold is in a sideways consolidation in short term. Can gold get above 1815 ? It might be a good idea to short with strict stop loss.
FX_IDC:XAUUSDShort
by GOLDTREND-NET
1
GOLD - Our Analysis Shows Gold At Major Turning PointOur analysis indicates gold is at the very important support area 1750-1760. The support area 1750-1760 is a major support because it is the last swing low, and it is also coincides with the uptrend line support. This proves to be a major turning point for gold in medium and long term ahead. If gold is able to hold 1750, gold can bounce back to 1790-1795 resistance area. If not, gold's bull market since 2019 might be in danger.
FX_IDC:XAUUSDLong
by GOLDTREND-NET
1