Gold has rebounded 24 weeks after getting supported from the previous wedge support line.
Nowadays the price came to the long-term resistance line twice but both were rejected. An ending diagonal pattern was formed here and warned us a top was formed (might be a short term top).
DXY also rebounded from yesterday, which will push metals down.
As a result gold should have a large pull back here.
Good luck for everyone!
Nowadays the price came to the long-term resistance line twice but both were rejected. An ending diagonal pattern was formed here and warned us a top was formed (might be a short term top).
DXY also rebounded from yesterday, which will push metals down.
As a result gold should have a large pull back here.
Good luck for everyone!
Trade closed: target reached
Trend was changed back to bullish. Trade was closed weeks ago. I will update the analysis soon.
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Related publications
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.