In this week’s post, we will take a close look at gold, which has been making headlines due to its strong performance in recent weeks. Looking at a weekly chart of Gold since 2022, we can observe a well-established trend channel on a weekly basis, indicating a sustained uptrend. Gold experienced a notable upward move since October of last year, reaching towards the upper boundary of this channel.
When should you buy Gold? If you are interested in receiving our completely free buy and sell signals via email, you can sign up on our email list below.
The upper long-term trendline of the channel is now acting as resistance, from which it has recently pulled back. This pullback appears to be ongoing, with further declining prices expected in the short term. The target for this pullback is the next lower trendline within the channel, which is anticipated to provide support to gold prices. If this lower trendline indeed offers support, it will be crucial to closely monitor the price action, as it could present an interesting opportunity to enter long positions in gold. Investors and traders alike are keeping a keen eye on these developments, as gold’s performance could provide valuable insights into market sentiment and risk appetite.
If you’re interested in receiving our free trading signals and articles like the one you just read via email, you can register here.
The world of finance is complex and includes many technical terms. For explanations of these terms, I recommend using the Investopedia dictionary.
Leave a Reply