Afternoon ,
The general overview indicate a Significant downtrend from April 21st to 23rd , followed by sideways consolidation with moderate volatility from April 23rd to April 25th.
Initial Support & Resistance - SUPPORT @ $3280 , RESISTANCE @ $3300 , If the price holds above $3282 it could indicate an upward movement, however we are yet to confirm.
Recent price action indicates low momentum.
Since the market is consolidating my advise would be :-
For Bullish entries - let's first see the price bounce off support mainly at $3282.90 and youir target should be $3343
For Bearish entries - if the price breaks below $3282 then we should consider a short for the downside.
My general overview is that gold is falling as we can see a descending channel formed ,together with a falling wedge and a descending triangle which are all signaling downside movement, let's see what the market has in store for us.
Will be back with further updates on the same.
The general overview indicate a Significant downtrend from April 21st to 23rd , followed by sideways consolidation with moderate volatility from April 23rd to April 25th.
Initial Support & Resistance - SUPPORT @ $3280 , RESISTANCE @ $3300 , If the price holds above $3282 it could indicate an upward movement, however we are yet to confirm.
Recent price action indicates low momentum.
Since the market is consolidating my advise would be :-
For Bullish entries - let's first see the price bounce off support mainly at $3282.90 and youir target should be $3343
For Bearish entries - if the price breaks below $3282 then we should consider a short for the downside.
My general overview is that gold is falling as we can see a descending channel formed ,together with a falling wedge and a descending triangle which are all signaling downside movement, let's see what the market has in store for us.
Will be back with further updates on the same.
Note
we might retest the previous resistance zone before we see our fall , also check out for false breakouts and yes we are still consolidating.... we could take advantage of the consolidation but this would only mean you be on your chart through out!
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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.