Gold daily update
After yesterday's bullish move during the London session, we saw some some predictable profit taking during the New York session. The move is still towards the upside though.
The Asian session today is hovering around (and starting to break below) yesterday's hourly trendline, which indicates that a retest to the 2,890 area is on the cards. This will take the price towards the top (or the base if you look at it upside-down) of a reverse head and shoulder pattern.
If we see price make a support around that area, then gold is poised for another move up to retest the 2,920 area. However, if price fails to make a support at 2,890 and breaks further down then we could see some more movement downwards towards the 2,860 region.
The Asian session today is hovering around (and starting to break below) yesterday's hourly trendline, which indicates that a retest to the 2,890 area is on the cards. This will take the price towards the top (or the base if you look at it upside-down) of a reverse head and shoulder pattern.
If we see price make a support around that area, then gold is poised for another move up to retest the 2,920 area. However, if price fails to make a support at 2,890 and breaks further down then we could see some more movement downwards towards the 2,860 region.
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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.