Gold ready for a corrective drop.
Gold recently broke ascending slope line and re-tested it as resistance. Area has confluence with upper slope line of descending pitchfork and 61.8 retracement of recent decline.
~Possible stop above 1592
~Targets on the chart with red circle.
~Entry, wait for break of RSI line and ascending slope line on hourly chart. (below in description.)
Daily Chart
Hourly Chart.
~Possible stop above 1592
~Targets on the chart with red circle.
~Entry, wait for break of RSI line and ascending slope line on hourly chart. (below in description.)
Daily Chart
Hourly Chart.
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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.