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Gold Traders: This Is How To Analyze A Chart!

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Gold Traders: This Is How To Analyze A Chart! By Profits Run

Each week we need to take some time to analyze the chart of the instruments that we are trading. Today we are going to analyze the charts for Gold and identify where we see the trends and where we see support and resistance. A detailed evaluation is good to do on a weekly basis so we know the longer term direction and momentum that is happening for Gold. This should be done for each instrument traded.

Gold Chart

With the weekly chart we do not need to look at specifics but rather we need to look at the overall general movements and trends that are occurring. We also need to look for longer term support and longer term resistance. In the chart above you can see the trend that move up, then how it has since began to move sideways in between the areas of support and resistance. You will also want to notice that the price is currently sitting at a long term resistance area. With the price in this area we can expect it to begin to move down off the resistance area or break through it and go higher.

Gold Chart

On the daily chart we can see the recent breakout of the resistance area where the price was forming a triangle pattern. You can also see that after the breakout the price trended up strongly to where it is currently sitting. By knowing what the weekly chart is doing we can know that the price is now sitting near the long term resistance area. This would make us consider what type of trade we would be looking for. With these shorter term charts you will look at the specifics a bit more in looking for trades.

You can also take this same process down to the shorter term charts and identify their trend and support or resistance. You will want to do this for the time frames you are currently trading. Understanding the trends and support/resistance areas are critical in your overall evaluation of the charts.

So as a trader you will want to spend some time each week looking at the longer term chart so you know where you may run into the price having some difficulty moving. As the price reaches these areas of support and resistance we need to know how we will proceed in our trading. By applying this information to our trading rules we can improve our overall performance.

In the end, the charts of Gold would currently make us consider the fact that even though the trend is moving up on the daily charts we need to be concerned that it is now running into a long term resistance area. Knowing this should make us cautious as to taking long positions, at least until the resistance area is broken. We would also want to consider a short if the price begins to move back down to support.

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