As you see in the 4H chart Gold price is approaching to the channel’s middle line. And now its at the middle of the ascending channel and a double top pattern might be created Plus we can see a regular divergence on MACD.
therefore we are facing with 2 different scenarios:
Bearish scenario:
If the price could not close a candle above the channels middle line we expect that a double top pattern would be created and price falls to 1880 (neckline) which means there would be a downside breakout on the channel’s lower band either and if the neckline broken out to the downside, we can expect more fall to 1853, but you can enter short at the higher price if price pulled back to the channel.
Bullish scenario:
If price can close a candle above the channels middle line therefore Gold is probably reaching the higher line of the channel and we can expect more rise in price to 1930 and then 1948 in the future.
.
therefore we are facing with 2 different scenarios:
Bearish scenario:
If the price could not close a candle above the channels middle line we expect that a double top pattern would be created and price falls to 1880 (neckline) which means there would be a downside breakout on the channel’s lower band either and if the neckline broken out to the downside, we can expect more fall to 1853, but you can enter short at the higher price if price pulled back to the channel.
Bullish scenario:
If price can close a candle above the channels middle line therefore Gold is probably reaching the higher line of the channel and we can expect more rise in price to 1930 and then 1948 in the future.
.
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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.
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.