GOLD - Upswing Momentum Can Lead to 1815
Though we expect gold to hit 1790-1800 resistance zone and then pull back to 1750-1760 level, it seems like the upswing momentum is so strong that gold will just strike through the resistance zone 1790-1800.
A few things to note on the daily chart:
- A false break of the 2018-2019 uptrend line
- Three river morning star candlestick pattern at major yearly support 1675
- Bullish divergence on MACD
Now expect gold to continue to move up and test the 200-day moving average at 1815, which is also August's open.
Pay attention to the downtrend line from 1916. Only there we can expect some kind of reversal.
A few things to note on the daily chart:
- A false break of the 2018-2019 uptrend line
- Three river morning star candlestick pattern at major yearly support 1675
- Bullish divergence on MACD
Now expect gold to continue to move up and test the 200-day moving average at 1815, which is also August's open.
Pay attention to the downtrend line from 1916. Only there we can expect some kind of reversal.
Trade closed: target reached:
Closed the position at 1814.
