Gold Overhead Resistance

Gold Overhead Resistance

Gold is pushing into overhead resistance level on the Daily chart as seen on the left. The Daily resistance is located around the 1700 price level and has previously led to significant bearish moves.

At the same time, the price on the monthly chart shows that a 261.80 Fibonacci extension move has just been completed when measuring the latest bullish run. there is also major overhead supply stretching all the way from the 1800 to 1920 price area.

The last two monthly candlesticks are two large Dojis with long candlestick wicks and small bodies which indicate uncertainty and a high degree of volatility. The last Dojis also showed a failed breakout attempt below the support level marked in black which stretches all the way back to 2011. The current monthly candlestick is only half completed and there are 17 days left in April and it looks like a continuation after the break and retest of the 200-Fibonacci level that coincides with the black support.

 

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