Gold Instantly Rejected at Weekly Resistance
Direct from the desk of Dane Williams,
This is not your average forex broker blog.
XAU/USD Technical Analysis
Afternoon team,
Remember we identified Gold at weekly resistance last week? Well let's continue the narrative from there, shall we.
We had price just pushing into a long term resistance zone from 2011 and because our MT4 brokers didn't even have the data accessible from that far back, we had to use TradingView to show it.
Click the link to read that initial blog, or just take a look at the chart I've extracted below:
XAU/USD Weekly:
It's pretty obvious when you look at the weekly there, that price is going to probably have some trouble breaking through this zone. If ever you wanted to know what a textbook higher time frame resistance zone looked like, then this is it.
Now flick back to your MT4 charts and zoom into to the daily.
XAU/USD Daily:
Draw in the bottom of that weekly resistance zone we identified over on TradingView and you can see that price has just rejected out of it on its first push. This obviously becomes the higher time frame support/resistance zone that we're using to make sure that we're on the right side of the market.
We actually managed to short almost the top in Gold, within my Inner Circle. Now that price looks like it remains capped by the zone and we have a short term trend change, this one has some serious potential to add into our position.
It's these intraday setups that we identify and trade inside my Inner Circle. If you want to read how I'm looking to actually trade my analysis like this setup in Gold, then click the link below and get involved!
Best of probabilities to you,
Dane.
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Market Analyst and Forex Broker.