Gold finally delivering its first red candles last week , what will the next week give us ?.
Looking at the weekly the bulls appear to be exhausted so we saw a decline in the last 4 days of the week.
2955.5 will be a level to watch in the coming week .
For the coming week we can buy at 2864 which you can see conforms to the paralell channel drawn 2871,2884 will be first and second resistance if broken expect 2895 , 2920 as next heavy resistance.
on the downside (I think this is more likely ) we can sell at 2848 , expecting 2840 then 2832 as next resistance.
It is worth noteing that all the heavy resistance is on the buy side with minimual resistance on the sell side.
Please use proper risk management and positioning size.
take profits along the way.
This is my own view on the next weekly gold trend and is not to be considered finincial advice.
Looking at the weekly the bulls appear to be exhausted so we saw a decline in the last 4 days of the week.
2955.5 will be a level to watch in the coming week .
For the coming week we can buy at 2864 which you can see conforms to the paralell channel drawn 2871,2884 will be first and second resistance if broken expect 2895 , 2920 as next heavy resistance.
on the downside (I think this is more likely ) we can sell at 2848 , expecting 2840 then 2832 as next resistance.
It is worth noteing that all the heavy resistance is on the buy side with minimual resistance on the sell side.
Please use proper risk management and positioning size.
take profits along the way.
This is my own view on the next weekly gold trend and is not to be considered finincial advice.
Note
Buy level ran 81 pips last night Note
Buy running 115 pips I can see a rejection happening here my advice is close off
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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.