My short idea on GOLD
What we can see here is that price went up by retesting an very important support on the end of March.
Price has been stopped out before hitting the resistance area around 1760-1775
If we Zoom in on the 4 hour you can see the rejection zone highlighted.
If this level will be broken we can expect price to make a move to the upside
If we zoom in even further we can see that price is being trapped in an symmetrical triangle.
Which side we will be breaking out is crucial.
from my personal point of view and TA it's the most logic that price will fall down to the 1720 area
Mayble will consolidate or retest to make a new move to the downside again
If we break the 1724 level on the Daily we can confirm that its most likely that Gold will fall down to its previous support again
which is in the 1690 area or who knows even lower. So yea, a tripple bottom pattern in the making or we are going even lower
See picture for the keylevel:
This is no Signal or advice just my Idea and Point of view which i want to share
Like/comment and follow for more
Sayief.N
Price has been stopped out before hitting the resistance area around 1760-1775
If we Zoom in on the 4 hour you can see the rejection zone highlighted.
If this level will be broken we can expect price to make a move to the upside
If we zoom in even further we can see that price is being trapped in an symmetrical triangle.
Which side we will be breaking out is crucial.
from my personal point of view and TA it's the most logic that price will fall down to the 1720 area
Mayble will consolidate or retest to make a new move to the downside again
If we break the 1724 level on the Daily we can confirm that its most likely that Gold will fall down to its previous support again
which is in the 1690 area or who knows even lower. So yea, a tripple bottom pattern in the making or we are going even lower
See picture for the keylevel:
This is no Signal or advice just my Idea and Point of view which i want to share
Like/comment and follow for more
Sayief.N
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