DAILY GOLD VIEW 28TH JULY 2021
The Daily view shows price rejecting HTF supply zone and moved down. According to S/D rules, once supply is touched then the demand area below is touched. This may be a weak demand or fresh demand area depending on set up.
Descending trendline shows price respected two touches on a uptrend and broke on the third; thus touching the nearest supply zone. However instead of retesting the trendline, price broke below. This trendline is a weak confirmation as its been broken twice but current market price appears to be respecting it. This is a congested area where price could move in either direction so market structure would need to prevail.
Descending trendline shows price respected two touches on a uptrend and broke on the third; thus touching the nearest supply zone. However instead of retesting the trendline, price broke below. This trendline is a weak confirmation as its been broken twice but current market price appears to be respecting it. This is a congested area where price could move in either direction so market structure would need to prevail.
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