Gold reversal at the strong resistance and will go downwards
Updated
This is my first technical analyses without any knowledge or study before (just analysed some traders past few days and did some Google-research).
Forecast based on:
- Intersection of downwards trendline with resistance level = strong resistance
- NFP developments
Forecast based on:
- Intersection of downwards trendline with resistance level = strong resistance
- NFP developments
Trade active
Still believe that Gold can not break out through the strong resistance zone given in Red.Trade active
Comment
Since Gold could not break trhough the strong resitance zone, I expect a fall downards to the first level (1) 1741.01; --> when breaks --> second level (2) 1734.20; --> when breaks --> third level (3) 1730.11; when breaks --> 1720.52.Trade active
Trade closed manually
Price broke through the strong resistance zone, there are few fundamental news so hard to make forecasts based on technical analyses.
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.