Gold update - wait for 1420 $ resistance and sell/buy entry
Updated
Market price broke out of triangle and is searching now for next bigger resistance. I expect a possible trend reversal at 1420 $ which is entry for many sellers. Take a look at market action before opening a trade. A breakout and close above down trend line implements fast up movement and brings many buyers into the market.
A Breakdown and close under support trend line brings many sellers into the market.
-RSI is currently above triangle line and implements further up movement. If the RSI line falls down within triangle expect many sellers entering the market because this would be a bearish indicator
-Market price retraced from bollinger middle bands which implements another test of resistance
-market volume getting lower and lower which implements bullish trend continuation to at least 1420 $ resistance
A Breakdown and close under support trend line brings many sellers into the market.
-RSI is currently above triangle line and implements further up movement. If the RSI line falls down within triangle expect many sellers entering the market because this would be a bearish indicator
-Market price retraced from bollinger middle bands which implements another test of resistance
-market volume getting lower and lower which implements bullish trend continuation to at least 1420 $ resistance
Trade closed: target reached
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
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