GOLD (XAU/USD): detailed multi-timeframe chart breakdown
Let's take a look at the chart of GOLD on different timeframes and make a detailed chart analysis of it!
As it can be noticed from the WEEKLY timeframe perspective, the price has nicely rejected the zone of previous resistance later turned support that lines up with the ascending trend-line illustrated on the chart. This means that the price has successfully retested the area of the previous Higher High and is now on its way to form a new Higher Low.
Zooming into the DAILY timeframe chart, we can see that the area of $1918 serves as a crucial zone of resistance, which means the price is most likely to visit that particular zone in the short-run.
Lastly, the H8 chart show us that the price is currently at the doors of the Previous Lower Low and it has printed some nice bullish reversal candlestick patterns. Thus, if the price manages to break above the local zone of resistance and re-test it, we can expect for the price to keep rising till the area illustrated on the graph.
As it can be noticed from the WEEKLY timeframe perspective, the price has nicely rejected the zone of previous resistance later turned support that lines up with the ascending trend-line illustrated on the chart. This means that the price has successfully retested the area of the previous Higher High and is now on its way to form a new Higher Low.
Zooming into the DAILY timeframe chart, we can see that the area of $1918 serves as a crucial zone of resistance, which means the price is most likely to visit that particular zone in the short-run.
Lastly, the H8 chart show us that the price is currently at the doors of the Previous Lower Low and it has printed some nice bullish reversal candlestick patterns. Thus, if the price manages to break above the local zone of resistance and re-test it, we can expect for the price to keep rising till the area illustrated on the graph.
