Gold has travelled back down!
Start at the purple line. A descending triangle was made. At the first arrow, there is a breakout to the upside. The descending trendline was broken and price moved up just over 100 pips. Gold was looking like it could continue to rally up.
Until the Shooting Star and Bearish Engulfing Candles appeared-Orange circle.
Price demonstrated that it wanted to continue down by breaking through the green line which was previous support turned resistance.
Price came back for a retest and created a gravestone doji at the blue arrow. Gravestone doji's say that price tried to go up, but was pulled back down by the bears to close right around the open-Very bearish.
From there, a downtrend was created. Price continued to respect the downtrend all the way to the close apart for one anomaly breakout. Well, in gold, this breakout isn't really an anomaly because Gold often behaves in unexpected ways. Gold wanted to shoot back up quickly before coming back down and obeying the trend line again.
Once Gold reached the white line, price bounced off, tested the trend line again, and closed at the bottom.
The daily and weekly show very strong bearish candles here.
Start at the purple line. A descending triangle was made. At the first arrow, there is a breakout to the upside. The descending trendline was broken and price moved up just over 100 pips. Gold was looking like it could continue to rally up.
Until the Shooting Star and Bearish Engulfing Candles appeared-Orange circle.
Price demonstrated that it wanted to continue down by breaking through the green line which was previous support turned resistance.
Price came back for a retest and created a gravestone doji at the blue arrow. Gravestone doji's say that price tried to go up, but was pulled back down by the bears to close right around the open-Very bearish.
From there, a downtrend was created. Price continued to respect the downtrend all the way to the close apart for one anomaly breakout. Well, in gold, this breakout isn't really an anomaly because Gold often behaves in unexpected ways. Gold wanted to shoot back up quickly before coming back down and obeying the trend line again.
Once Gold reached the white line, price bounced off, tested the trend line again, and closed at the bottom.
The daily and weekly show very strong bearish candles here.
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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.