Gold Price Analysis Weekly Daily & Hourly Overview
We expected a correction from major weekly resistance level 1271 towards minimum 1245.It did not happen and gold couldn't make reversal from resistance zone and break above the weekly resistance line which was not expected.Current gold price is around 1288-89 and Gold made high exact at 1293 level.We still believe gold may not give more upward movement from this level.I am expecting a strong selling this week and gold may remain in bearish mode for a couple of next days.I am sharing three different timeframe chart analysis below to share my logical technical thoughts regarding the upcoming gold move.
Gold Price Weekly Analysis
The gold fails to reverse from major resistance level 1267-71 which were our watching zone.Movement and closing above 1271 invalidate our correction thoughts and took gold towards next high at 1293.I believe gold has completed its bullish cycle and ready to start its bearish move towards next bearish pattern.The resistance becomes support after the break and gold may get its first support zone around 1271 level which could be our watching area to check the volume for the more bearish move.If gold break 1271 in the weekly time frame and close below the support then most probably gold may give more bearish move towards 1245 and 1227 in the case of extension.The yellow metal is also forming a possible long-term symmetric triangle formation. I have already mentioned the symmetric pattern in the chart below but this pattern will confirm if gold follow and resistance its support and resistance levels.I will share the pattern update once it is confirmed.Please have a look at the weekly chart below to get the overview.