Gold- From long term to short term. Are there any clues?

As I said in my yesterday's commentary, Gold is stuck in a range, and when I have no short-term idea, I zoom out to longer time frames and make a multi TS analysis.
So, as we can see in the mains chart, a weekly one, since the ATH from August 2020, Gold has made a sequence of lower highs and, 1680 acted like clear support from March this year, touching this zone 3 times and strongly reversed. However, in each of these reversals, failed to reconquer 1900 figure, giving us an idea that 1900 zone is a strong ceiling.
So, from a long-term perspective, Gold is in a range between 1700 zone and 1900 zone, but the pressure seems to be on the sell-side.

Going to daily time frame

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We can see in the chart above that, since the beginning of 2021, Gold has created a descending triangle with 3 clear lower highs and 1680 base.
However, since the last touch of 1680, we can draw a rising trend line that keeps price elevated since August. So, for a continuation to the downside, we need this trend line broken and also price under 1760 zone, a horizontal line that acted as support very nicely for a year now.

Going further down to hourly

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We can see that the price movement was erratic and choppy, but, it is clear that above 1800 is strong sell power.

In conclusion, my bias for Gold is bearish for the coming weeks and in early 2022 and, as I said, I will look to sell rallies above 1800.
As first target 1720 remains my objective with an extension to 1680

Best of luck!
Mihai Iacob



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