From looking at the daily chart, I still believe that the next few months might not lead to any serious price movement. We are still far away from the upward trendline resistance, and the support zone is currently very strong. I therefore believe that in coming weeks, gold will mostly go sideways. These two facts are the most crucial ones to have in mind in the near future. We can only talk about next new trend only when gold breaks above the trendline or below the support. The former would mean a bullmarket on gold, whereas the latter would indicate a bear market. Any movement between these two zones can therefore only be considered a sideways price movement.
In this zone we can see different up and down movements, however, until we break either level, we are not likely to see any change in the trend.
As promised, we will also look at 4hour chart. If you are looking for a long term entrance, this might not be the best opportunity for you. The ideal case would be to buy on the support for the cheapest buy entry, or in case of a breakout of the trendline, buying on a clear change of trend. However, if you are looking from trading, 4H chart might give you a bit more room for action.
With regards to 4h chart, I currently believe we have reached our top and a bit of retracement should follow, probably to the levels around 1790 USD. From here I am expecting a move upwards probably to levels around 1844 – 1851 USD. From this point of view I therefore believe that we can test the long term trend line resistance in the coming days or weeks.
Right now, most of the markets are pretty boring, which is also a case of gold. Moreover, summer is coming, which is usually a bit weaker when it comes to volumes and most of the assets will probably move sideways. That means that the movements are usually not strong enough to influence a change in trend in any direction and this now applies also to gold.