Tuesday 23rd February 2021: Technical Outlook and Review
On the weekly timeframe, gold is still holding above long term moving average support and tested 1764 support, above which there could be a possibility of a bounce reaction.
Monday 22nd February 2021: Technical Outlook and Review
Looking at the weekly chart, we can see that prices are testing the support area of our ascending channel at 1.200, which coincides with the 50% Fibonacci retracement and 78.6% Fibonacci extension.
Friday 19th February 2021: Technical Outlook and Review
Looking at the weekly chart, we can see that prices are testing the support area of our ascending channel at 1.200, which coincides with the 50% Fibonacci retracement and 78.6% Fibonacci extension.
Thursday 18th February 2021: Technical Outlook and Review
On the H4 timeframe, prices are facing bearish pressure from our resistance at 1.2080, in line with our graphical pullback resistance area and 38.2% fibonacci retracement.
Wednesday 17th February 2021: Technical Outlook and Review
On the H4 timeframe, prices are approaching our support area at 1.2060, which coincides with the graphical support area, 50% fibonacci retracement and 161.8% Fibonacci extension.
Tuesday 16th February 2021: Technical Outlook and Review
On the H4 timeframe, prices are facing upside pressure from our support area at 1.2080, which coincides with the graphical overlap resistance and 38.2% fibonacci retracement.
Monday 15th February 2021: Technical Outlook and Review
Looking at the weekly chart, we can see that prices are testing the support area of our ascending channel at 1.200, which coincides with the 50% Fibonacci retracement and 78.6% Fibonacci extension
Thursday 11th February 2021: Technical Outlook and Review
On the H4 timeframe, prices are facing downside pressure from our resistance level at 1.21650 which is also a graphical resistance area. This would be an interesting level for sellers and recent price action around that area suggests it is a strong area of supply flowing, where we could see a further push down to our support area at 1.20673.
Wednesday 10th February 2021: Technical Outlook and Review
On the H4 timeframe, we are seeing limited upside in prices, with short term resistance at the 1.38470, which can also be found on the daily time frame. This level coincides with the graphical resistance area. This would be an interesting level for sellers and recent price action around that area suggests it is a strong area of supply flowing in where we could see a potential reversal below this level.
