Hello Fellow Gamblers,
Gold is currently playing with our feelings. We've been trough these short up and downs this past week but I believe that we are now ready for a reversal. Price had a good bounce from the 3357 support, which broke the minor trendline and is now creating a flag pattern, hinting at a possible continuation.
- We need 3357 to hold and a break of 3418 and 3442 for a continuation up.
- A break below 3357 will bring us back to our bearish scenario.
- Levels to watch: 3283, 3357, 3418, 3504
Gold is currently playing with our feelings. We've been trough these short up and downs this past week but I believe that we are now ready for a reversal. Price had a good bounce from the 3357 support, which broke the minor trendline and is now creating a flag pattern, hinting at a possible continuation.
- We need 3357 to hold and a break of 3418 and 3442 for a continuation up.
- A break below 3357 will bring us back to our bearish scenario.
- Levels to watch: 3283, 3357, 3418, 3504
Trade active
- The political drama that I was talking about had less effect in the market than what I was expecting. Price failed to break above 3418, so now we gotta look at 3357 for support if we want the bullish scenario to work.- For that scenario to work, we need price to break below the Trendline and the 3357 showing strength. After that happens, all we gotta do is figure out how deep we'll go.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.