A clear appearance of a downtrend is pushing the price down. lots of Lower High and Lower Low indicates of continuing the trend till an strong support comes out.
The appearance of an uptrend indicates that Gold is getting enough volumes tore-establish its bullish movements. We know, Market will eventually be short. But It can only happen if strong resistance comes on the way.
By Noticing the Highs and Lows Formation, It is quite predictable that the USDJPY price will reverse Soon. It has a Support line of around 129.00. If It misses the Support Line It can definitely reverse from another Strong Support Line at around 126-27.00. Traders Still can wait to break the trend for high confidence.
Well, In My Previous Idea, I thought the Uptrend may continue for a while. It has broke out of the Small Uptrend and the price may not cross this Resistance. It is quite clear by measuring the Historical Importance of this Resistance point.
According to my previous Idea, USDJPY has broken the downtrend and is ahead of a bullish move. Conflicting this Resistance means going down and taking enough volume to take the Flight.
Checkout my previous Idea,
Price is closely on an Average position of the Chart. The Appearance of an Uptrend and a Clear Visualization of getting enough volume from the support indicates a Long position till the next Resistance. The next update will be added by observing the reaction after reaching the Resistance.
A Huge fall of almost a Thousand pips may have ended many traders' capitals. But It has also brought a secure possibility of recovering at least half of the Total Fall. It is just a matter of time Now.
As I said Earlier, Gold has made strong historical points from its movements. It's clear that the gold market should cool down and it's happening. But It may take some break to pay respect to those strong data points. Short can be taken on a daily scale. For scalpers, it can be Long. Follow the Resistance actively!
Breaking the uptrend after a long time makes sense for going Bearish. The problem is Gold has made many Strong Historical Positions. Gold is under a fierce Range. Buy positions can still be taken following the ups and downs.
Reaching the price after 9 months, Gold is distracted from the uptrend. But measuring the Historical points, I can see strong Support. It has a high probability to get its required volume to rise again.
Since EURGBP followed Uptrend, 3 Lower Highes and 1 Lower Low have been formed. Seeing its Current price point and the formation of a Higher Low near the Trendline hints at a Long Position. The support line can be a confirmation.
Currently Gold is following the Uptrend. This Uptrend might break out from the bottom after reaching a Strong Resistance that we can see n the price around 1960. Some Short positions can be taken with a target of maximum 30-40 pips. Overall, Gold is getting really Bullish
