Gold reach long resistance
Trend Analysis:
Long-term Resistance: The red trend line marks a long-term resistance, indicating a significant level where the price has previously reversed. This level has been tested multiple times, reinforcing its strength.
Short-term Uptrend Channel: The black lines form an ascending channel, indicating a short-term uptrend where the price is making higher highs and higher lows.
Trading Strategy
Bullish Scenario:
Entry: If gold breaks and closes above $2,475 with significant volume, consider a long position.
Target: $2,490, followed by $2,500.
Stop-loss: Below the previous support level at $2,460.
Bearish Scenario:
Entry: If gold fails to break above $2,475 and shows signs of reversal, consider a short position.
Target: $2,450, followed by $2,420.
Stop-loss: Above the resistance level at $2,480.
Long-term Resistance: The red trend line marks a long-term resistance, indicating a significant level where the price has previously reversed. This level has been tested multiple times, reinforcing its strength.
Short-term Uptrend Channel: The black lines form an ascending channel, indicating a short-term uptrend where the price is making higher highs and higher lows.
Trading Strategy
Bullish Scenario:
Entry: If gold breaks and closes above $2,475 with significant volume, consider a long position.
Target: $2,490, followed by $2,500.
Stop-loss: Below the previous support level at $2,460.
Bearish Scenario:
Entry: If gold fails to break above $2,475 and shows signs of reversal, consider a short position.
Target: $2,450, followed by $2,420.
Stop-loss: Above the resistance level at $2,480.
🔝 The Greatest Analysis on Earth! : t.me/invotrading
🔝 The Greatest Analysis on Earth! : t.me/invotrading
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