Analysis of gold in the 1-hour timeframe ð
Gold formed a beautiful ascending triangle in the one-hour timeframe and managed to break above its price to 2141 ð
We have a strong and important resistance zone at 2142 - 2148 where we may experience good selling opportunities.
Furthermore, gold is currently coming down towards the support at 2120. If this support holds and doesn't break, we can go long with a short-term target at the resistance level of 2142 - 2148.
However, in case this support level breaks, we can expect a price decline towards the support at 2088. ð
We have a strong and important resistance zone at 2142 - 2148 where we may experience good selling opportunities.
Furthermore, gold is currently coming down towards the support at 2120. If this support holds and doesn't break, we can go long with a short-term target at the resistance level of 2142 - 2148.
However, in case this support level breaks, we can expect a price decline towards the support at 2088. ð
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