Is Gold in the Middle of Consolidation? A Complete Market Analysis
We noticed that gold has been trading in a pretty tight channel since last year and it looks to be entering a consolidation zone.
So we did some digging.
When looking at the gold futures market, we like to use the daily chart because the larger time frame helps us understand the next direction the gold market could move.
And if you look back at the past nine months on the chart, you’ll see that gold has made FIVE u-turns… and it’s in the middle of No. 6.
If gold maintains this current pattern, then, in theory, investors should expect an upward push soon.
Depending on where gold closes, we could see a bearish move to previous support levels… But if gold breaks resistance, we could see it breaking the channel and creating a new one.
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