hello guys
Let's analyze Gold!
Trend Overview:
The market has been in a downtrend but has recently shown signs of potential reversal.
Key Observations:
Divergence Identified:
A bullish divergence is clearly spotted between the price action and the RSI indicator. While the price made lower lows, the RSI made higher lows, suggesting weakening selling pressure and a possible trend reversal.
Engulfing Pattern:
An important bullish engulfing pattern appeared around the support area, reinforcing the bullish reversal possibility.
Support and Resistance Zones:
The light blue shaded area represents a key resistance zone where price previously consolidated and sold off. This area will likely act as a strong resistance again upon retest.
Expected Movement:
Based on the bullish divergence and engulfing pattern, a move towards the resistance zone is anticipated, as illustrated by the upward arrow on the chart.
Let's analyze Gold!
Trend Overview:
The market has been in a downtrend but has recently shown signs of potential reversal.
Key Observations:
Divergence Identified:
A bullish divergence is clearly spotted between the price action and the RSI indicator. While the price made lower lows, the RSI made higher lows, suggesting weakening selling pressure and a possible trend reversal.
Engulfing Pattern:
An important bullish engulfing pattern appeared around the support area, reinforcing the bullish reversal possibility.
Support and Resistance Zones:
The light blue shaded area represents a key resistance zone where price previously consolidated and sold off. This area will likely act as a strong resistance again upon retest.
Expected Movement:
Based on the bullish divergence and engulfing pattern, a move towards the resistance zone is anticipated, as illustrated by the upward arrow on the chart.
Trade closed: target reached
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
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.
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
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.