Though we expect gold to hit 1790-1800 resistance zone and then pull back to 1750-1760 level, it seems like the upswing momentum is so strong that gold will just strike through the resistance zone 1790-1800.
A few things to note on the daily chart:
- A false break of the 2018-2019 uptrend line
- Three river morning star candlestick pattern at major yearly support 1675
- Bullish divergence on MACD
Now expect gold to continue to move up and test the 200-day moving average at 1815, which is also August's open.
Pay attention to the downtrend line from 1916. Only there we can expect some kind of reversal.
A few things to note on the daily chart:
- A false break of the 2018-2019 uptrend line
- Three river morning star candlestick pattern at major yearly support 1675
- Bullish divergence on MACD
Now expect gold to continue to move up and test the 200-day moving average at 1815, which is also August's open.
Pay attention to the downtrend line from 1916. Only there we can expect some kind of reversal.
Trade closed: target reached
Closed the position at 1814.
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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.
Related publications
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.