Gold has been falling for a while now currently at 3 month lows and July profit taking zone. With the potential of seeing risk off conditions and also looking at the time of the year (JULY-AUGUST) when traders go away for holiday, there wont be as much money flowing through the market and results to risk off conditions. No new money is coming into the market. And with gold and yen being safe havens, we could see alot of profit taking maybe investors getting into something a less risky over the summer.

XAUUSD D1

Price is currentrly at MM1 and this is the profit target for bears. we could see profit taking and as a bull that is ideally what i want to see and higher highs and higher lows on lower time frames

XAUUSD H4

price is at a pivot cluster and this cluster has WM2 which is a bulls entry zone. Price is also oversold with the stochastics looking like it wants to come up, so maybe we see bulls push price up this week.

XAUUSD H1

To wait for confirmation i will be watching the H1 chart waiting for a higher high and entering on a pullback.

2 thoughts on “Gold Technical Analysis”

  1. Hadyn S. says:

    Nice plan Giveness! I’m also a bull, and its been a little too calm lately, geo politically. Shouldn’t take much to set off a panic rally from this level. Even if it eventually retest this area later on and breaks through to the downside, we could see a decent rally first.

    1. Giveness Tshiimomo says:

      yeah for sure! Lets see what happens

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