Gold Reaches CRITICAL Support! (What Next?!)

Here we are looking at GOLD on the Weekly TF…

As you can see, Gold is coming off a week of HEAVY selling, and this current week hasn’t been much better.

For bulls this can be very frustrating, however, this move can be explained.

As you can see, Gold has been trading in a downwards sloping parallel channel. After its most recent test of resistance, it broke down. Since then, it has headed back down to the parallel channel support.

What’s even more interesting about this, is that as GOLD hits its channel support, it also hits its horizontal line of support, which is its pivot low made in February of this year.

Being that gold is VERY oversold, this seems like a good place for it to receive a bounce. If it does start to receive a bounce, I’d expect it to start moving back towards resistance for another test of a breakout.

Keep in mind that this isn’t intended as financial advice, and I urge you to do all your own research! I will continue to update you on this chart as I see fit! Cheers!!