Hey traders,
Here is my multiple time frame technical outlook on Gold.
Analysing a weekly time frame, I spotted a solid horizontal supply area.
1870 - 1920 is the zone from where a bearish wave may initiate.
On a daily time frame, the price is steadily growing within a rising parallel channel.
For now, I would consider trading its boundaries: selling its resistance and buying its support.
Alternatively, a bearish breakout of its support may trigger a massive sell-off.
I will post an update once I see a decent confirmation.
Good luck next week!
â€ïžIf you have any questions, please, ask me in the comment section.
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