important part of technical analysis is Support and Resistance. If the price rises to a level and bounces lower, failing to surpass it, that level is considered Resistance. When the level is reached again, considering that price bounced off it in the past, usually traders expect history to repeat itself and the asset to bounce lower again.
Gold in weekly chart is showing that price still struggling around the old resistance and the indicators MACD and RSI gave a negative and strong bearish signals .
always at resistance we hear good news but in reality its a trap .
wish u the best
Gold in weekly chart is showing that price still struggling around the old resistance and the indicators MACD and RSI gave a negative and strong bearish signals .
always at resistance we hear good news but in reality its a trap .
wish u the best
And I think it’s a good opportunity to take a bearish position at those levels with tight stop loose .