Gold - Can it find its glory again?
Gold has been breaking it historicall highs and have been in up trend. Altough in last few days it have eased down but at the end of the month it is consecutively ending in gains.
Looking at it on 4h TF it has unable to cross its resistance zone of 2530, rejected 3 times. the underlying trednline support keep pushing the price higher with mutiple retest of this trendline. This situation have created formation of ascending triangle, with no clear divergence in RSI on the TF.
Trade plan:
I will wait for the resistance to break and restest before making any entry to avoid fakeouts. In the last trading day of the month it might be sideways and can give misleading signals.
Looking at it on 4h TF it has unable to cross its resistance zone of 2530, rejected 3 times. the underlying trednline support keep pushing the price higher with mutiple retest of this trendline. This situation have created formation of ascending triangle, with no clear divergence in RSI on the TF.
Trade plan:
I will wait for the resistance to break and restest before making any entry to avoid fakeouts. In the last trading day of the month it might be sideways and can give misleading signals.
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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.