Long Position - Gold
Updated
Price has been inside this channel since December with a few touches even earlier back.
The support area is a round number - 1300 and has been hit many times so proves to be a strong level. Resistance is 1350-1360 which is also a strong level.
MA's have just crossed over which is one indication of a trend reversal. Stochastic is also pointing upwards and is sat at 24 - another indication that price is going to rise. And lastly, we see a bullish hammer candle from the day before.
I think we will see price reach 1350 eventually
The support area is a round number - 1300 and has been hit many times so proves to be a strong level. Resistance is 1350-1360 which is also a strong level.
MA's have just crossed over which is one indication of a trend reversal. Stochastic is also pointing upwards and is sat at 24 - another indication that price is going to rise. And lastly, we see a bullish hammer candle from the day before.
I think we will see price reach 1350 eventually
Trade closed: target reached
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.