The bears had their time over the last couple days with no significant drop . Gold bounced from some strong support levels, indicating the bulls are still in control.
Price is currently in a consolidation zone between 1580-1640 and may stay within this range for some time before a breakout occurs. It will test the 1640 level next and if it breaks past, we could see a run to test 1700 again.
Outlined are two bullish pennant patterns.
Key support outlined with solid blue lines, key resistance in solid red lines.
Overall, looking like the bulls have maintained control, also due to strong underlying fundamentals.
What are your thoughts? Make sure to follow for more!
Price is currently in a consolidation zone between 1580-1640 and may stay within this range for some time before a breakout occurs. It will test the 1640 level next and if it breaks past, we could see a run to test 1700 again.
Outlined are two bullish pennant patterns.
Key support outlined with solid blue lines, key resistance in solid red lines.
Overall, looking like the bulls have maintained control, also due to strong underlying fundamentals.
What are your thoughts? Make sure to follow for more!
Note
First resistance level passed and target level #1 hit, staying inNote
Profit target #2 hit. Make sure to follow for more great ideas!Note
Profit target #3 hit!!!! Keeping a runner for more profits!!Trade closed: target reached
Profit reached and trades closed. Here is an update of my gold outlook:
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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.