Gold broke a range and made new highs! 30 min Candlestick
A range was created between the two horizontal orange lines. There was an upthrust beginning at the blue flag. Price tried to go up after a retouch, but failed to have volume support and came back down.
You can see a Dark Cloud Cover followed by a Bearish engulfing which pushes back into the range.
Price consolidates in the bottom half of the range for a while. Most of the candle have long lower wicks.
The candle at the orange flag is a push and a close below the range. The next candle has volume and is the largest candle recently. It's a Bullish engulfing which extends from the bottom of the range and breaks and closes above the range. This is a strong bearish signal.
Price moves up, then comes back to retouch the top of the range which coincides with the 61.8% Fibb level.
Price eventually is able to reach the -27% Fibb level where it consolidates and the final candle closes at a new high.
You can see a Dark Cloud Cover followed by a Bearish engulfing which pushes back into the range.
Price consolidates in the bottom half of the range for a while. Most of the candle have long lower wicks.
The candle at the orange flag is a push and a close below the range. The next candle has volume and is the largest candle recently. It's a Bullish engulfing which extends from the bottom of the range and breaks and closes above the range. This is a strong bearish signal.
Price moves up, then comes back to retouch the top of the range which coincides with the 61.8% Fibb level.
Price eventually is able to reach the -27% Fibb level where it consolidates and the final candle closes at a new high.