Gold: Multi Tie Frame
Hello Traders
In the weekly timeframe, an ascending channel is observed, showing a good reaction at its upper boundary. We are waiting for a price pullback to the next resistance level.
In the daily chart, an ascending trendline has been broken, with two returns to the breakdown area around 2600.700, indicating the strength of sellers. The price returning to this area for the third time also shows the buyers' insistence. If the price can stabilize below 2532.800, the likelihood of further decline increases. Conversely, if the price cannot break through the green zone, we predict an upward movement to 2606.200.
At the same time, we anticipate a slow downward trend and fluctuations to around 2568 in the coming days.
In the weekly timeframe, an ascending channel is observed, showing a good reaction at its upper boundary. We are waiting for a price pullback to the next resistance level.
In the daily chart, an ascending trendline has been broken, with two returns to the breakdown area around 2600.700, indicating the strength of sellers. The price returning to this area for the third time also shows the buyers' insistence. If the price can stabilize below 2532.800, the likelihood of further decline increases. Conversely, if the price cannot break through the green zone, we predict an upward movement to 2606.200.
At the same time, we anticipate a slow downward trend and fluctuations to around 2568 in the coming days.
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