Pretty self explanatory. Remember it's just a simple trendline/channel, don't bet the farm on it.
Previously looking for buys at 1.23500 support but decided to wait for price to form support above 1.24055. Price may just be moving funny or wee still may have a weak pound looking bearish. I've also spotted Hidden Bearish divergence on the 1hr timeframe so we may see a nice push back to the downside.
From my education in forex, I have learnt from multiple people that Monday can be a manipulated day in the industry caused by, big hedge funds and banks. I always allow to have Saturday off, come to the charts on Sunday, and begin a week ahead analysis and today would have been a 'perfect' day to trade in, but I stuck by my rules and I'm now having to overcome...
Market is in the range. I would like to go for long position for a samll period when it hits the defining support area.
Two probabilities on gold this Monday If gold goes down by breaking, it's a sell signal If the gold remains above support, it is a buy signal
Broke the resistance with powerful momentum. We can see that resistance is a support line now. Dollar index getting weak too. I find this a buy
after biggest decline gold is rising again in parallel channel . lets see whats happen on Monday
Ideal entry after 1.30805. Comment below if you are agree!!