RLinda ! GOLD->Prerequisites for a reversal. Are the bulls here?
GOLD forms a false breakout of the strong support trendline, which is the lower boundary of the global price channel.
The global trend is bearish, but the price is in the risk zone in the global perspective and by this false breakdown the price has tested an important liquidity zone.
On the second chart, if you look closely, you can see the formation of the left shoulder and the head, the price returns to the retest of resistance 1679, from which may begin to form the right shoulder of the global reversal pattern.
I assume that in the medium term a reversal pattern may form and reverse the market to some extent, but in the short term I expect a pullback of the price from resistance 1679.
Regards R. Linda!
The global trend is bearish, but the price is in the risk zone in the global perspective and by this false breakdown the price has tested an important liquidity zone.
On the second chart, if you look closely, you can see the formation of the left shoulder and the head, the price returns to the retest of resistance 1679, from which may begin to form the right shoulder of the global reversal pattern.
I assume that in the medium term a reversal pattern may form and reverse the market to some extent, but in the short term I expect a pullback of the price from resistance 1679.
Regards R. Linda!
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