Short
Gold limited buying as we move lower to the confluence area of $
Looking at the daily chart, we can see the lack of clear direction in Gold. The relative strength index (RSI) is trading close to 50 highlighting range trading. The weekly chart shows a doji-style candle (indecision) followed by inside harami.
This indecisive price action has resulted in a corrective channel formation being posted on the intraday chart. Trendline resistance is located at $1,992. Trend line support is located at $1,944.
We also have the completion of a cypher pattern known as a Bat formation at $1944.
Bespoke resistance today is located at $1,962 and $1963. I look for limited buying pressure before sellers return to take us down to the $1,944 confluence zone.
This indecisive price action has resulted in a corrective channel formation being posted on the intraday chart. Trendline resistance is located at $1,992. Trend line support is located at $1,944.
We also have the completion of a cypher pattern known as a Bat formation at $1944.
Bespoke resistance today is located at $1,962 and $1963. I look for limited buying pressure before sellers return to take us down to the $1,944 confluence zone.
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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.