Gold has been in a descending triangle since Jun 08, there for we can see price bouncing off the bottom and getting rejected from the top ( as shown in picture ), as we are getting closer to major resistance zone and triangles top, we might see two different scenarios:
First, Price breaking out of the triangle, which would probably be followed by a pullback and then rise in the price
Second, Price getting rejected from the Zone and coming right back to the bottom.
As we haven't seen price reaction to these areas, we ought to wait and watch for the daily candles, it will probably tell us how thing will go forward.
keep in mind, gold has been shaping an inverted heads and shoulders ( which is not really formed beautifully but still ... ) so we might actually see a good rally for bulls.
---- Will be updated
First, Price breaking out of the triangle, which would probably be followed by a pullback and then rise in the price
Second, Price getting rejected from the Zone and coming right back to the bottom.
As we haven't seen price reaction to these areas, we ought to wait and watch for the daily candles, it will probably tell us how thing will go forward.
keep in mind, gold has been shaping an inverted heads and shoulders ( which is not really formed beautifully but still ... ) so we might actually see a good rally for bulls.
---- Will be updated
Note
looking at the chart and hourly candles, we seem to be getting rejected so far, still we need confirmation on daily charts. Im already in the trade myself, but its riskyOrder cancelled
Stop loss hit, Bulls won this one
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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.