Gold is in an uptrend following the daily correction trend line of the daily bullish pattern.
If you look at our previous analysis, we recommend a buy when the daily bullish pattern occurs early.
For now, a landing above the blue support line drawn in the center of the chart is a very important criterion to sustain the uptrend.
Therefore, while drawing a daily correction trend line in the daily demand zone,
A move needs to move up to see support again near the blue line, even if a correction occurs.
Otherwise, the high will be the weekly correction trend line of a new downtrend as the weekly supply zone has already been reached, which means it is very likely to test the bottom again.
If you look at our previous analysis, we recommend a buy when the daily bullish pattern occurs early.
For now, a landing above the blue support line drawn in the center of the chart is a very important criterion to sustain the uptrend.
Therefore, while drawing a daily correction trend line in the daily demand zone,
A move needs to move up to see support again near the blue line, even if a correction occurs.
Otherwise, the high will be the weekly correction trend line of a new downtrend as the weekly supply zone has already been reached, which means it is very likely to test the bottom again.
Note
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.
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.