Gold Weekly Analysis

Gold recorded a non-trivial set of candles this week, and the signals are far from unanimous. The weekly frame still looks healthy enough to support a continued rally, while the daily and 2D charts appear to be dealing with the consequences of last week’s move above the +3 standard-deviation zone—pulling back toward the mean and potentially lower. That puts exceptional weight on the long-term frames that will close at the end of August. Several of them are balancing on the fence, and so far I am not convinced that the bulls have the upper hand. In this weekly Gold Technical Analysis, we examine the signals that matter: candlestick structure, momentum, key technical levels, and the short- and long-term Elliott Wave roadmap. The central question is whether Gold is preparing for another extraordinary momentum breakout—or whether the market is about to deliver another reminder that, sooner or later, statistics tend to…