🥇 GOLD The local trend follows the global trend. 2000?
Gold is strengthening. The price reacts perfectly to the resistance breakout mentioned in yesterday's idea and the gold updates the local high to 1985. Only 2000 is ahead.
TA on the high timeframe:
1) The lower right chart shows an active bullish trend and consolidation formation in the green zone. Bullish potential persists.
2) Moving lines act as support levels.
3) Left chart forms a triangle. The essence is continuation of the trend. In the medium term, we should expect a breakthrough of resistance.
TA on the low timeframe
1) The price breaks through upwards, a pullback is formed and the upward support line is tested.
2) False breakout and consolidation above the 1976-1979 level will form bullish potential.
3) The price is in the local ascending channel, hence both local and global trends coincide
4) Key levels to open trades:
4.1) Support 1975. Re-test and consolidation above the level will form an entry point
4.2) Rising line (points) Consolidation of the price above the level of 1979 will form an entry point
TA on the high timeframe:
1) The lower right chart shows an active bullish trend and consolidation formation in the green zone. Bullish potential persists.
2) Moving lines act as support levels.
3) Left chart forms a triangle. The essence is continuation of the trend. In the medium term, we should expect a breakthrough of resistance.
TA on the low timeframe
1) The price breaks through upwards, a pullback is formed and the upward support line is tested.
2) False breakout and consolidation above the 1976-1979 level will form bullish potential.
3) The price is in the local ascending channel, hence both local and global trends coincide
4) Key levels to open trades:
4.1) Support 1975. Re-test and consolidation above the level will form an entry point
4.2) Rising line (points) Consolidation of the price above the level of 1979 will form an entry point
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