Some thoughts on gold
Prices above multiple supports, would expect the downward momentum to slow now.
Expected possible moves are the dotted blue and red based on the trend and support levels. Not really sure how to trade this. Will wait and see as it develops.
Also note the larger symmetrical forming, indicates long term consolidation. I'm leaning towards the downside to retest the triangle slope frankly due to the consolidation.
Any comments and ideas welcome!
Prices above multiple supports, would expect the downward momentum to slow now.
Expected possible moves are the dotted blue and red based on the trend and support levels. Not really sure how to trade this. Will wait and see as it develops.
Also note the larger symmetrical forming, indicates long term consolidation. I'm leaning towards the downside to retest the triangle slope frankly due to the consolidation.
Any comments and ideas welcome!
Comment:
Guys, at inclining support line. Possible support to cause a bounce up. lets wait and see.
Comment:
Bounced at support line.
Current price at 122.85. Expect this level to be the resistance to a short term sideways. Looks like the price is leaning towards the upside (blue) in the longer term.
Current price at 122.85. Expect this level to be the resistance to a short term sideways. Looks like the price is leaning towards the upside (blue) in the longer term.