Tonnes of confluence on the weekly chart for Gold to bounce off at 1358 as shown in the chart.
1. SMA support
2. 50% fib support
3. Descending Channel Support
4. Ascending trendline Support
Until then, I will be shorting it any opportunity I get! Will play the ranges in the descending channel.
I assume the exchange is building a fractal sequence a week ago. This theory is contrary to those who see the exchange rate in a downward channel. In my opinion, the correction sequence is one that shows that the exchange rate is constantly building up the fractal base needed for the rise. If you look at the "blank squares" in the analysis, you can clearly see...
Monfex is at your service and today we overview XAU/USD.
Gold broke the ascending channel. For now we have the descending movement and the price at the moment near resistance line with MA100 and the big volume zone that is our main point for short.
There is a possibility that this is a big bull flag, which is aimed at new highs, but the support...
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Gold has been very volatile this week and we have caught a...
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Can you see why this would have been the perfect place to BUY gold? if not then open your bloody eyes! Look how strong of a support zone this is... doesn't take a brain surgeon to see this.
This is a zone where people take profit from short trades after the big drop... Think differently and you will see the markets differently. CHANGE YOUR MINDSET!!!
Hope all is well, my 11th published trade on Tradingview.com ( GBPUSD was a huge success and it gained me a daily top author rank position too, which I'm stoked about. So thank you!)
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Taken this long based on...