From identifying the Zone (Rectangle) to be a key area, we have seen a channel up trading above the support area and a successful break below which approached the support zone. From studying this chart we are expecting the price to retest the trendline currently acting as resistance with spinning top and a strong bearish candle or a Bearish Engulfing at the trend-line resistance area. hopefully if we can see such, it confirms the probability of selling.
Note
Gold has been playing as expected by retesting the trend-line channel bottom acting as RESISTANCE with rejections, anticipating more sell off to break below key Support with a retest and a continuation.Note
Gold playing out as expected.. we need more momentum from Sellers....Order cancelled
Idea was invalidated.
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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.