✴️ GOLD Daily timeframe. February 24
The gold broke the support at 1824 and yesterday's daily candlestick tries to open a new potential. But, at the moment, the gold is stuck in a tight liquidity zone
1) Yesterday's candlestick closed below 1824, hence, if the price goes below yesterday's low, the bearish momentum could activate
2) But there is a strong support line, which might push the price up
3) In our case we have to wait for the exact confirmation of the price for a move in one direction or the other - usually it is a consolidation above or below the level.
4) At the moment the price is in the correction phase, the reversal may pass quickly or through a long consolidation
5) Indicators are in the red zone, the daily RSI is in the oversold zone and possibly the appearance of a buy signal may give a green light.
1) Yesterday's candlestick closed below 1824, hence, if the price goes below yesterday's low, the bearish momentum could activate
2) But there is a strong support line, which might push the price up
3) In our case we have to wait for the exact confirmation of the price for a move in one direction or the other - usually it is a consolidation above or below the level.
4) At the moment the price is in the correction phase, the reversal may pass quickly or through a long consolidation
5) Indicators are in the red zone, the daily RSI is in the oversold zone and possibly the appearance of a buy signal may give a green light.
❤️ Telegram channel: t.me/AndeWave
❤️ Telegram channel: t.me/AndeWave
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.