GOLD Technical Analysis –
In this blog we will study GOLD Technical Analysis. We will use top down approach for analysis. We will study chart from weekly time frame to daily to 1 hour time frame.
Weekly Chart –
Above chart shows weekly time frame of Gold, Weekly time frame suggests that price broke the ascending triangle resistance level of 1878.26-1916.35. Also price touched the next resistance level of 2031.59-2074.70 and reversed from that and now taking support of levels 1878.26-1916.35.
Daily Chart –
Above chart shows daily time frame of gold, if we observe daily time frame, we can see bearish engulfing pattern at the resistance level, also evening star pattern is at support level. This is daily time frame but weekly time frame suggesting that price is taking the weekly support.
1Hour Chart –
Above chart shows 1 hour time frame which shows support level at 1917.45-1920.08 and next support level at 1905.47-1907.96. The resistance level is at 1931.77-1933.89 and next resistance level is at 1942.74-1945.22.