GOLD: The Candlestick Chart Shows a Wide-range Consolidation at High Levels
Hello everyone! Today i want to share some macro analysis with you!
1
Technical Analysis: On the H1 chart for gold, the candlestick chart shows a wide-range consolidation at high levels!
Price Structure (Range-Bound Trading): Judging from the overall trend recently (from late July to present), gold has been trading sideways within a clearly defined wide trading range. Upper Resistance Zone: Main resistance is found at 4100 – 4144 (near the plateau high shown in the chart). Support Zone: There is extremely strong buying support near 4000 – 4022 (where the price has bounced off the bottom multiple times).
Since neither bullish nor bearish momentum has achieved a structural breakout today, the price is highly likely to continue consolidating and adjusting within the core range of 4030 – 4100, continuing to run out the clock. $Gold - main 2612(GCmain)$$XAU/USD(XAUUSD.FOREX)$
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
