Analysis on GOLD. The price has started to show a lower low, stopping its bullish impulse. In addition, it seems a cup with a handle pattern with a retracement in the 61.8% zone of Fibonacci tools. I determined supports and resistances where the price could bounce.
BULLISH: If the price breaks the 1910 area, it could point to 1930 as the first target, then check how the price reacts in that zone.
BEARISH: On the contrary, a break of the cup and handle will move the price action on the dynamic support of trendlines near 1870/1850. The last area for a possible bounce is represented by the break out in 1836/1822.
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BULLISH: If the price breaks the 1910 area, it could point to 1930 as the first target, then check how the price reacts in that zone.
BEARISH: On the contrary, a break of the cup and handle will move the price action on the dynamic support of trendlines near 1870/1850. The last area for a possible bounce is represented by the break out in 1836/1822.
Keep updated and subscribe!
Comment to give improvements on the ideas to analyze!