Welcome to todays gold update. In the last analysis from first March I have already mentioned the reasons for last price decreases, at the same day the price just broke an important support.
Gold break down from up trend channel this week and is searching for first support area. Price stopped at 38.2 fibonacci support and created another up trend line which is in generell indicator for strong trend, in this case strong up trend. If the two red drawn resistance lines should break up and price close above this lines expect further and fast up movement, otherwise is this short analysis valid.
Good luck to all and have a nice & successful week
Gold break down from up trend channel this week and is searching for first support area. Price stopped at 38.2 fibonacci support and created another up trend line which is in generell indicator for strong trend, in this case strong up trend. If the two red drawn resistance lines should break up and price close above this lines expect further and fast up movement, otherwise is this short analysis valid.
Good luck to all and have a nice & successful week
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The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
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.