After a 2 week consolidation and a breakout from 1295 resistance I noticed a long term trend line setup.
Gold recently broke above a long term trend line, topped out at 1295 and had a retest on the broken trendline at 1277 level. If we see the monhtly candle close above 1307.0 monthly key level I believe there is more upside coming next month.
First bullish cenario is the price breaking through towards 1325 level, retracing to 1307 support and continueing the trend towards 1360-1370 level.
Second scenario is the price reversing from the monthly key level and entering a selloff towards 1250 level.
I am rather bullish but at the same time cautious. Risk management is key and I plan to enter Long after monthly key level holds as support.
- MA pointing north on Weekly and Daily chart.
- Overall bullish trendline.
- Bullish weekly candle closure.
- Broken trendline retest.
These are all signs of bullish PA and possible continuation of the trend.
Gold recently broke above a long term trend line, topped out at 1295 and had a retest on the broken trendline at 1277 level. If we see the monhtly candle close above 1307.0 monthly key level I believe there is more upside coming next month.
First bullish cenario is the price breaking through towards 1325 level, retracing to 1307 support and continueing the trend towards 1360-1370 level.
Second scenario is the price reversing from the monthly key level and entering a selloff towards 1250 level.
I am rather bullish but at the same time cautious. Risk management is key and I plan to enter Long after monthly key level holds as support.
- MA pointing north on Weekly and Daily chart.
- Overall bullish trendline.
- Bullish weekly candle closure.
- Broken trendline retest.
These are all signs of bullish PA and possible continuation of the trend.
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.
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.