Quick update on the weekly chart which has worked well so far with the previous hot spots being hit as well the RBs. As you can see here we’re playing between two red boxes with price accumulating and although we have broken above, the risk for downside here is out waying the upside until we get a strong daily confirmation. We’re oversold, but being a weekly chart we can remain like that for a while.

We have the key level here of 4000 support which needs a breach with a close, and the resistance level above of 4070 which will need a breach with a close. Until then, as per the 4H chart and plans, we’ll continue with the intra-day trades.

Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated.

As always, trade safe.

KOG