Approaching a weekly support zone
Updated
Gold continues to slide.
The slide started when Gold failed to close above 1300$ and the bearish momentum accelarated when Gold broke below its uptrend line and the daily MA lines (failed support).
In this week's newsletter I covered Gold and mentioned that although it is weak right now, it is approaching a weekly support zone that you should monitor.
This weekly support zone can be relevant this week (FOMC) or maybe even during the first quarter of 2018.
I see bullish potential in Gold and Silver and perhaps 2018 will be the year of Metals.
The weekly support zone includes structure, MA lines, 2 trend lines (one broken downtrend line and one uptrend line) and the completion of a bullish harmonic pattern.
You can read more about this setup and others in this week's newsletter- #WeeklyMarketsAnalysis on Twitter
The slide started when Gold failed to close above 1300$ and the bearish momentum accelarated when Gold broke below its uptrend line and the daily MA lines (failed support).
In this week's newsletter I covered Gold and mentioned that although it is weak right now, it is approaching a weekly support zone that you should monitor.
This weekly support zone can be relevant this week (FOMC) or maybe even during the first quarter of 2018.
I see bullish potential in Gold and Silver and perhaps 2018 will be the year of Metals.
The weekly support zone includes structure, MA lines, 2 trend lines (one broken downtrend line and one uptrend line) and the completion of a bullish harmonic pattern.
You can read more about this setup and others in this week's newsletter- #WeeklyMarketsAnalysis on Twitter
Note
Gold rallied from the PRZ
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