Looking at the gold (GOLD) chart on the D1 interval, the price exceeded the key resistance level of $3423 last week. The zone marked in red results from the upper limit of consolidation, and according to the classic assumptions of technical analysis, a break above it opens the way for another upward impulse. The condition is that the price remains above the aforementioned zone at $3423, which should now act as support. If this scenario is correct, the nearest resistance will be the 127.2% Fibonacci retracement, determined from the last correction.
GOLD interval D1. Source: xStation5
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Create account Try a demo Download mobile app Download mobile appMoving down to a lower time interval - H1, we observe a solid upward trend. If a correction were to occur, the nearest support level would be $3459, which results from the lower limit of the 1:1 pattern. If, on the other hand, the aforementioned geometric pattern is negated, the next support level worth noting is around $3422, where the previous local peak is located, measuring 38.2% of the last upward wave and the EMA100 average.
GOLD H1 interval. Source: xStation5
