Extremely bullish finish to the previous week, as price has closed above the upper boundary resistance trendline, dating all the way back to May & July of this year. 3 tests to the trendline has made it valid, and price on Friday has closed above the trendline & broke through the all time highs.
For the upcoming week, i am looking for a retest of the trendline resistance to become new support on the lower timeframe, to look for a high Reward / Risk setup as Gold continues with the bullish momentum.
For the upcoming week, i am looking for a retest of the trendline resistance to become new support on the lower timeframe, to look for a high Reward / Risk setup as Gold continues with the bullish momentum.
Note
Zone 2 will require a 4 hour pullback to make a higher low & retest the previous all time highs resistance zone, which is less likely cause it will have to break back under the higher timeframe upper boundary trendline resistance.
These are the areas i will be adapting & watching price action closely for a high quality setup this upcoming week!
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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.