Here we can see the trade has reached an important bullish fib point, we look for smaller time frame entries, inverted head and shoulders formed rather clearly on 4h chart, suggesting some upside. We previously were in a long from around 1420- 1432, and price bounced off a resistance on the daily, travelling to support although with a bounce off previously important trend-line levels we can see an opportunity to buy again. Smart investors buy dips. We can clearly see Gold is in a bullish market at the moment, although has shown downside potential, then shortly coming to a stop.
We can see gold is ranging inbetween the rectangles on the chart and these could be considered our area of confluences and gold is ranging in a higher triangle pattern. Would be lovely to see gold up around 1450 again for another sell opportunity in the sell area marked.
downside potential if we break the previously standing trendlines from past data. Then we could see a sell opportunity come before another touch of the highs. Trade carefully!
We need to look at price action very closely, and look for further signals for a strong continued trend.
We can see gold is ranging inbetween the rectangles on the chart and these could be considered our area of confluences and gold is ranging in a higher triangle pattern. Would be lovely to see gold up around 1450 again for another sell opportunity in the sell area marked.
downside potential if we break the previously standing trendlines from past data. Then we could see a sell opportunity come before another touch of the highs. Trade carefully!
We need to look at price action very closely, and look for further signals for a strong continued trend.