Gold Re-Testing Previous SupportThe gold price gained more than $15 after the US ISM manufacturing PMI report.
Technical:
The near–term support is around $1760
next level of $1790
Goldchannel
Two Major Decisions on GOLD After Successful Head & ShouldersIn this technical analysis I will build upon my successful previous idea where we used a head and shoulders chart pattern to identify a likely short position.
Now we are about halfway that trade, we reached a more difficult position on gold. First, you can review the previous idea here:
Let's walk through the most important points on the gold chart at the moment when you're either in the trade or when you are thinking of entering a new one soon. Overall you need to try to find a place that is relatively low to enter your longs or exit your shorts. We use technical indicators and chart patterns to identify those. Right now I suggest one of two options to identify such a temporary low price.
The horizontal support zone:
Option 1. This could be a place of potential reversal. Exit your shorts and enter your longs here
The parallel channel:
Option 2. Look at the bottom trend line as a place of potential reversal. Exit your shorts and enter your longs here as well.
Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.
- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
