Gold -0.47% is at an interesting price from a technical stand point.
Last week's candle closed as a green dogi with a low wick that respected the support trendline formed by two major anchor points:
- Nov 30, 2015
- Dec 12, 2016
There have been trades that punctured the supporting trendline this week and we made new low compared to last week, but the price managed the stay above it as I am writing this analysis.
If the weekly close below the supporting trendline we can enter aggressive short positions.
We can watch for price action if the break of support does come into fruition. A violent breakdown through the dotted line will permit adds onto short. Conservative play would be to wait for the retest of trendline when it turns into resistance.
Obviously, if this week closes green with a massive hammer , we can flip the trade and go for long.
Last week's candle closed as a green dogi with a low wick that respected the support trendline formed by two major anchor points:
- Nov 30, 2015
- Dec 12, 2016
There have been trades that punctured the supporting trendline this week and we made new low compared to last week, but the price managed the stay above it as I am writing this analysis.
If the weekly close below the supporting trendline we can enter aggressive short positions.
We can watch for price action if the break of support does come into fruition. A violent breakdown through the dotted line will permit adds onto short. Conservative play would be to wait for the retest of trendline when it turns into resistance.
Obviously, if this week closes green with a massive hammer , we can flip the trade and go for long.
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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.