Welcome to this analysis about GOLD , we are looking at the 6-hour timeframe perspectives. GOLD , as mentioned already in the previous analysis, was in the condition to show up with this main relief rally which now happened as expected and for now GOLD reached the determining zones I already suggested in the previous analysis. Furthermore, I detected other technical factors which are meaningful in this structure and especially in the upcoming times can lead to increased and also potential pullbacks, therefore it is necessary to do not rush for set conclusions and look at how it is developing to do not get overwhelmed by circumstances when the market finally increases with volatile developments.
As when looking at my chart we can watch there how GOLD now showed up with this bullishness and continuation above the 1790 level which was previously support, after this GOLD moved onward and is now directly running into this major resistance-cluster marked in my chart in red. In this resistance-cluster GOLD has in the structure several resistances coming together consisting of the descending-resistance-line in black, the 100-EMA in red, and also the horizontal resistance at the 1814 level. All these factors giving the indication that pullback out of this range has a high possibility to follow up in the next times especially when the supply dynamic also increases.
For now GOLD is forming this decision-zone between the 65-EMA in green and the 100-EMA in red with the dynamic decision-range marked in my chart in grey. When GOLD now finally closes below the 65-EMA in green and also increases price-action below this level this will be the confirmation for more protracted bearishness to the downside and an increase of price-action is likely to emerge. For now, it will be important to determine how GOLD moves below the 65-EMA in green, therefore, it is necessary to do not to keep the perspective out of the desk here as this is omnipresent. Better is it to be properly prepared on it for a possible short-entry, it will be an important and interesting journey ahead.
In this manner, thank you for watching my analysis about GOLD and the important resistance-cluster-zone it is approaching with the upcoming pullbacks likely to emerge from this zone, will be great when you support it with a like and follow or comment, great contentment for everybody supporting, all the best!
“The high destiny of the market is to explicate, rather than to speculate.”
Information provided is only educational and should not be used to take action in the markets.
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