Price often movs back between these two white lines. These are both significant S&R.
Starting at the green slash: Bullish engulfing which closes higher than previous candles. This is followed by four more bullish candles.
Finally, close to a resistance, price makes a doji. I expect that this is where many were taking profits.
The very next candle is another bullish engulfing which breaks above and closes above the yellow support. This is pre London.
Price continues bullish until it hits the upper white line-very strong resistance.
Once here, Gold makes long upper wicks to the resistance. The first and last shooting star are big clues that price will potentially be moving back down.
Many times in bearish movement, there will be a reaching wick followed by a strong close, which is what we see here.
The first bearish candle pushes price below, but closes above. The second candle pushes well through and closes far below the yellow support now turned resistance.
There is a piercing pattern created with the two candles at the yellow circle.
Price moves back up to the yellow resistance, creates a doji, and pushes back down. Comes back up and closes at the yellow resistance again. Now, Gold created a double top at the green box.
Since the Double Top was created, We can see Three Black Birds signifying more bearish movement.
Will price stop at the yellow circle? Or, continue to push down to the other yellow line and white line?
Starting at the green slash: Bullish engulfing which closes higher than previous candles. This is followed by four more bullish candles.
Finally, close to a resistance, price makes a doji. I expect that this is where many were taking profits.
The very next candle is another bullish engulfing which breaks above and closes above the yellow support. This is pre London.
Price continues bullish until it hits the upper white line-very strong resistance.
Once here, Gold makes long upper wicks to the resistance. The first and last shooting star are big clues that price will potentially be moving back down.
Many times in bearish movement, there will be a reaching wick followed by a strong close, which is what we see here.
The first bearish candle pushes price below, but closes above. The second candle pushes well through and closes far below the yellow support now turned resistance.
There is a piercing pattern created with the two candles at the yellow circle.
Price moves back up to the yellow resistance, creates a doji, and pushes back down. Comes back up and closes at the yellow resistance again. Now, Gold created a double top at the green box.
Since the Double Top was created, We can see Three Black Birds signifying more bearish movement.
Will price stop at the yellow circle? Or, continue to push down to the other yellow line and white line?
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.