Gold: Trump Our Savior!
Hello dear precious metals friends, hope you're doing well guys! ;)
We had analyzed the last time that we're inside this equilibrium zone now between $1,430 and $1,410:
=> We have clearly broken the EQ to the downside, albeit only visible with the wicks. But while doing so, we perfectly upheld $1,400 psychological support. We got into a falling wedge with a regular bullish divergence, perfectly confirming the breakout:
But it was a clear case of immediate fundamental reaction, as Trump ordered 10% extra tariffs for around 300 bn Chinese goods: in those cases, the news beats any TA.
So, what now?
We have now underscored the bottom at $1,410 and will probably reject on the first try of taking out $1,450 psychological. A bullish case scenario would be building a few Doji's or a Cup & Handle, before we break the resistance. Of course we could correct more towards the previous $1,430 S&R zone, which now could act as support.
All in all: If the bulls manage to take $1,450 out, we will be on our way towards $1,480. I wish you a great trading! ;)
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my analyses!
Edgy is providing online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
We had analyzed the last time that we're inside this equilibrium zone now between $1,430 and $1,410:
=> We have clearly broken the EQ to the downside, albeit only visible with the wicks. But while doing so, we perfectly upheld $1,400 psychological support. We got into a falling wedge with a regular bullish divergence, perfectly confirming the breakout:
But it was a clear case of immediate fundamental reaction, as Trump ordered 10% extra tariffs for around 300 bn Chinese goods: in those cases, the news beats any TA.
So, what now?
We have now underscored the bottom at $1,410 and will probably reject on the first try of taking out $1,450 psychological. A bullish case scenario would be building a few Doji's or a Cup & Handle, before we break the resistance. Of course we could correct more towards the previous $1,430 S&R zone, which now could act as support.
All in all: If the bulls manage to take $1,450 out, we will be on our way towards $1,480. I wish you a great trading! ;)
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my analyses!
Edgy is providing online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
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