GOLD (XAU/USD): a multi-timeframe perspective. Correction time?
Firstly, let's take a look at the Weekly timeframe graph as illustrated on the left-hand side of the screen. We may observe that the price has been consecutively printing massive bullish candles after having rejected a crucial level of support (1802 - 1810) highlighted on the graphic.
Zooming into the Daily timeframe chart, it can be inferred that the price has been rocketing to the upside, and that it needs for some correctional moves to happen before being able to continue its bullish impulses.
Hence, we are anticipating for the price to consolidate around the area circled on the chart before initiating a drop and POTENTIALLY reaching the zone of resistance aligning with the 50% Fibonacci retracement zone.
Zooming into the Daily timeframe chart, it can be inferred that the price has been rocketing to the upside, and that it needs for some correctional moves to happen before being able to continue its bullish impulses.
Hence, we are anticipating for the price to consolidate around the area circled on the chart before initiating a drop and POTENTIALLY reaching the zone of resistance aligning with the 50% Fibonacci retracement zone.