GOLD - Trendline Retest & a Possible Bounce From There!
Hey!
Gold price approaching a pretty important trendline - pulled from 2011. It has a very strong breakthrough candle on 25. January and this is an indication that the price could get rejection after the touch.
There are also other short-term price reversal criteria:
1. The trendline should act as a support level
2. Fibonacci 38% retracement level
3. Old support levels start to work again
4. EMA levels on the blue box.
Wait for until the price reaches into the blue box and if You want to get more confirmations then wait for bullish candlesticks patterns on the lower timeframes - 1H+
Please, do not forget to support my idea post by hitting the "LIKE button!
Thank You very much!
Have a nice day!
Cheers!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Gold price approaching a pretty important trendline - pulled from 2011. It has a very strong breakthrough candle on 25. January and this is an indication that the price could get rejection after the touch.
There are also other short-term price reversal criteria:
1. The trendline should act as a support level
2. Fibonacci 38% retracement level
3. Old support levels start to work again
4. EMA levels on the blue box.
Wait for until the price reaches into the blue box and if You want to get more confirmations then wait for bullish candlesticks patterns on the lower timeframes - 1H+
Please, do not forget to support my idea post by hitting the "LIKE button!
Thank You very much!
Have a nice day!
Cheers!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
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.