GOLD is looking very strong on the weekly time frame with a Bullish candle stick. If GOLD can break above these zones then i anticipate GOLD to reach up to 1550 region
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Previous month has illustrated a ranging market. Breakthrough has occurred in the recent days and is slowly approaching psychological level of 1.3200 in which a possible rejection could occur.
This particular zone has also been proven to be a strong resistance several times this year.
SELL LIMIT order placed at 1.3200.
- Pennant chart pattern formed indicating a bullish continuation of trend.
- Wait for confirmation candle
- On the W1 timeframe price is respecting the 61.8% level
- H1 timeframe is showing an uptrend and price retraced within the pennant.
- We are looking for price to break outside of the pennant and retest it before entering the trade
- Downtrend is getting weaker as price is struggling to make a lower low
- Price is currently at a weekly resistance so therefore; it's a bit of a premature entry for a buy
- As price is on a downtrend we would feel comfortable selling but need further confirmation on the H1
- The support level has been held since 2016 and price has touched it more than 3 times...