Direct from the desk of Dane Williams,
This is not your average forex broker blog.
One of the in-play markets from this week's market preview, was Gold.
The higher time frame chart clearly showed Gold in a higher time frame bullish trend, but it is currently being capped by higher time frame (weekly) support/resistance.
A weekly horizontal resistance zone that was so high level that the data my MT4 broker gives me access to on their XAU/USD market, doesn't even go back far enough to show.
This is where TradingView and the historical data that they have access to comes in real handy.
Even if you use your MT4 charts to run your analysis like me, it's always worth keeping an account there for some of the REALLY high level stuff like this.
Keeping in mind that the horizontal zone that price is capped by is the weekly zone, take a look at the daily chart below.
With Gold in what I then described as the mother of all bullish trends, but having rejected off weekly resistance and showing weakness by breaking out of that short term trend line, the market looked like a short.
And that's exactly what we talked about inside my Inner Circle, highlighting a promising looking Gold short setup to start the week.
Come join my Inner Circle ⭕️ and take advantage of trading the setups that I write about here on my Steemit blog every single day.
Best of probabilities to you,
@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.