Sharp Decline : - Gold experienced a significant drop , reaching a low point around 1st May , looks like it's working on a recovery phase after bottoming out , there is significant bullish momentum play on today's chart.
However the current price is approaching a KEY RESISTANCE @ $3265-68.
KEY ZONES
Go for BUY ORDERS if PRICE breaks $3268.60 and shows strong BULLISH MOMENTUM.
MACD Analysis - is showing strong a BULLISH CROSSOVER with increasing HISTOGRAM BARS, which suggests strong Upward Movement.
HEAD AND SHOULDERS pattern seen indicating POSSIBLE REVERSAL .
A bullish triangle is as well idnetified from the chart indicating UPWARD MOMENTUM.
OVERALL we are BULLISH TODAY, but keep in mind that we still have the CONSOLIDATION PHASE in play.
However the current price is approaching a KEY RESISTANCE @ $3265-68.
KEY ZONES
Go for BUY ORDERS if PRICE breaks $3268.60 and shows strong BULLISH MOMENTUM.
MACD Analysis - is showing strong a BULLISH CROSSOVER with increasing HISTOGRAM BARS, which suggests strong Upward Movement.
HEAD AND SHOULDERS pattern seen indicating POSSIBLE REVERSAL .
A bullish triangle is as well idnetified from the chart indicating UPWARD MOMENTUM.
OVERALL we are BULLISH TODAY, but keep in mind that we still have the CONSOLIDATION PHASE in play.
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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.