Gold Analysis | Jan 31, 2022
Gold has formed a wedge formation, clearly seen in daily timeframe. It has rejected the upper trendline of the wedge, where a strong supply zone also exists, and impulsively went down last week. This week, we will expect gold to bounce to at least 50% Fibonacci level, where another supply zone also exists. Then, we will wait for further conformation, whether it will continue its downtrend, or going up to break the upper trendline.
In 8 hours timeframe, Gold has clearly on a strong bearish trend, confirmed by a broken ascending channel. So, I put an invalidation at the latest swing high, if the price manage to break the invalidation level, it is no longer on a bearish trend.
In 8 hours timeframe, Gold has clearly on a strong bearish trend, confirmed by a broken ascending channel. So, I put an invalidation at the latest swing high, if the price manage to break the invalidation level, it is no longer on a bearish trend.
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