GOLD Support and Resistance Trade next week
Updated
Here we can see my view on gold for the next week.
I'm seeing some support and resistance lines that are made clear with the extra charts of the daily and weekly.
Not going to enter this trade right now because I think the support will be tested first.
But if things look very bullish I will give the signal that I'm entering.
After entry on support we will pass a resistance as shown on the left 240min chart, my expectation is that this will give some resistance and some consolidation before breaking this one.
Don't think this resistance will be stronger then the support thats active since may.
If the major resistance I think will hold for now breaks we can get a very big move towards an weekly resistance.
This will be a post on itself
Thanks for reading and feedback or your view is always welcome.
Wesley.
I'm seeing some support and resistance lines that are made clear with the extra charts of the daily and weekly.
Not going to enter this trade right now because I think the support will be tested first.
But if things look very bullish I will give the signal that I'm entering.
After entry on support we will pass a resistance as shown on the left 240min chart, my expectation is that this will give some resistance and some consolidation before breaking this one.
Don't think this resistance will be stronger then the support thats active since may.
If the major resistance I think will hold for now breaks we can get a very big move towards an weekly resistance.
This will be a post on itself
Thanks for reading and feedback or your view is always welcome.
Wesley.
Note
It’s at the first resistance now, this should hold and test the support one more time before breaking it.The entry was too late for myself. Had some doubts about the bullish sentiment I had seen.
Not going to jump in halfway, it’s a perfect entry or no trade.
Trade active
Note
Support held on good, now as expected testing resistance.Note
Resistance is broken and a good rally after.Will keep you updated !
Trade closed: target reached
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