Mondays out look
On our last post we spoke about Gold consolidating at weekly resistance. With the possible decline to 3 targets. Which was fulfilled perfectly before creating a double bottom and returning back to the weekly resistance. Let's take a deep dive on what to expect next week.
2 hour time frame analysis.
Chart one
Gold can be seen to have retraced to the 0.618 golden zone on Fibonacci as well as in line with trend, along with resistance from an old daily trend line. after seeing a double bottom. Depending on the developments on the week end involving news around tenetions of war we could see a selling opportunity here Monday. If price can not remain above 2428. First targeting the trend line then the 4 hr wickless candle at 2396.17, then the support that formed the double bottom.
Chart two
Providing price can keep above 2428 we can expect gold to go to 2450. 2450 is seen a resistance and is now also in line with 0.764 Fibonacci. Stablizing above here golds next resistance is 2475 with resistance starting from 3464.
Chart 3
2 hour time frame analysis.
Chart one
Gold can be seen to have retraced to the 0.618 golden zone on Fibonacci as well as in line with trend, along with resistance from an old daily trend line. after seeing a double bottom. Depending on the developments on the week end involving news around tenetions of war we could see a selling opportunity here Monday. If price can not remain above 2428. First targeting the trend line then the 4 hr wickless candle at 2396.17, then the support that formed the double bottom.
Chart two
Providing price can keep above 2428 we can expect gold to go to 2450. 2450 is seen a resistance and is now also in line with 0.764 Fibonacci. Stablizing above here golds next resistance is 2475 with resistance starting from 3464.
Chart 3
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