Following the sharp inched down on 30th Nov, we discovered a "VERY OBVIOUS" hammer pin bar formation with closing 1776+++
As you can see the market was trending down, the formation of the hammer (pin bar) was a significant reversal pattern. The long shadow on 30th Nov represents the high buying pressure from this point. Sellers was trying to push the market lower, however, the buying power was more powerful than the selling pressure which results in a trend reversal.
Clearly the next day 1st Dec we did see the precious gold heading the right direction with closing at 1815+++ and extension at 1817+++
Today can we see gold hitting back at 1860? We shall find out.
Disclaimers:
You shouldn't rely solely on the information given to make big investment decisions.
To be safe, you should go out and research the subjects on your own in order to make a truly educated decision.
As you can see the market was trending down, the formation of the hammer (pin bar) was a significant reversal pattern. The long shadow on 30th Nov represents the high buying pressure from this point. Sellers was trying to push the market lower, however, the buying power was more powerful than the selling pressure which results in a trend reversal.
Clearly the next day 1st Dec we did see the precious gold heading the right direction with closing at 1815+++ and extension at 1817+++
Today can we see gold hitting back at 1860? We shall find out.
Disclaimers:
You shouldn't rely solely on the information given to make big investment decisions.
To be safe, you should go out and research the subjects on your own in order to make a truly educated decision.