Gold is well known for its volatility as has been seen over the past few weeks, where we've seen it rocket up to the 1680 range due to investors rushing in with the threat of Coronavirus. However, they have since had a reality check and as a result gold has reached a channel. This channel is easy money whilst it holds.
As shown on the graph we have been seeing...
Last week we saw the pound hover around during Monday and Tuesday as investors were waiting for the parliamentary vote to pass. Having a negative outcome lead to the pound taking a tumble (I know I'm stating the obvious)
I am expecting a continued moved down this week breaking through a strong TL (Trendline) which can be seen via the orange line. Coming towards...
Ascending triangle is seen with the assistance of the TL. The price has stalled at the current Resistance zone create a triple top. I would like to see the TL broken before placing a short position trade with stops just above this TL.
Basic price action, broke key Resistance line on the upwards scale. GBP is technically over bought and should fundamentally be worth 0 with all the brexit shenanigans.
Looking for a semi drop before a consolidation period followed by a larger progressive fall.
I am watching this USD/CHf very close which I believe its very close to break this wedge that he is in since end of last year. A brake and CLOSE above 9830 will confirm that this pair is start a new 'breakout cycle' which will look very similar to the price action which we have seen on USDJPY in the last two days.