Technical analysis doesn't have to be complicated. In fact, from my experience it's much more effective when it's not complicated. Simpler is better because it filters out what doesn't matter, and focuses on what does matter. For longer term market analysis it's best to focus on the big picture; trends and important price levels.
Gold in US dollar terms reached a pullback low near $1450 last November and proceeded to rally more than $150/oz in the span of less than two months. Since reaching $1613 in early January gold has spent the last month oscillating between $1540 and $1600:
What matters here is that the consolidation is occurring above important support ($1540) and near the recent highs. This sort of "high & tight" consolidation builds energy for the next leg higher and offers evidence that dips are finding accumulation.
I've followed gold closely for nearly twenty years and have spent many a day agonizing over each price gyration and squiggle on the chart. Focusing on the bigger picture stuff and following the trend will save you a lot of time and energy, while also proving to be more effective in terms of trading and investing results.
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