🏅GOLD - Breaking triangle support will send the price down
Gold reduces volatility and consolidates in the 2016 area. Price is forming a triangle and trying to break pattern support.
TA on the high timeframe:
1) Gold locally shows us ready to decline. A support area of 2000 is forming on the chart, a retest of the level will lead to a breakout and a decline to 1975
2) Globally, we see an uptrend and we should be careful about selling at the moment
TA on a low timeframe:
1) Price forms an attempt to break through triangle support. If the attempt is successful, then price will head towards 2000.
2) The 2015-2016 level plays an important role as resistance. At the moment a consolidation is forming, indicating the formation of a sell set-up.
3) Locally we see a downward price channel, hence, from the level of 2015-2016 I will be waiting for a sell. Breaking through the support of the triangle will be a signal for this
Key support: lower boundary of the triangle
Key resistance 2015-2016
TA on the high timeframe:
1) Gold locally shows us ready to decline. A support area of 2000 is forming on the chart, a retest of the level will lead to a breakout and a decline to 1975
2) Globally, we see an uptrend and we should be careful about selling at the moment
TA on a low timeframe:
1) Price forms an attempt to break through triangle support. If the attempt is successful, then price will head towards 2000.
2) The 2015-2016 level plays an important role as resistance. At the moment a consolidation is forming, indicating the formation of a sell set-up.
3) Locally we see a downward price channel, hence, from the level of 2015-2016 I will be waiting for a sell. Breaking through the support of the triangle will be a signal for this
Key support: lower boundary of the triangle
Key resistance 2015-2016
Note
2000 retest
❤️ Telegram channel: t.me/AndeWave
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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.
❤️ Telegram channel: t.me/AndeWave
Related publications
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.