Price reject from the bottom line of the Trend channel
To confirm this scenario, the price must go above 2050$ level after reject
Continue correction to 1975$ support level
This scenario is confirmed if the bottom line of the channel is broken
Thanks for your like and support...
After price made a break higher and through the multi-year resistance level price action on the daily chart of Gold has stalled.
Price has formed multiple inside bars and has not been able to break the high of the daily candle from 8 sessions ago.
This market looks bullish whilst the support continues to hold, but the near term support does look important.
In recent times in this market price has been making a series of lower highs on the daily chart.
Whilst the short-term momentum is lower, price has been running into the daily chart support and as yet has not been able to break it
This level looks crucial for where price makes its next solid move.
If we can get a clear break lower below this level with the...
We saw a decrease momentum in the downtrend.
after a series of LH LL LH LL , LH and Higher low
With the formation of a new Higher high , the scenario is confirmed
If the new swing High was created below the Violet line, the uptrend scenario will not be valid.
we are going to run plan B.
thanks for you like and comments
Every major trend is going to have one thing in common
A series of higher high and higher lows, or a series of lower highs and lower lows.
Once you understand how to identify these trend patterns and the overall direction of a market, you can catch a move and stay in for a much larger trending move
You can apply this type of setup to intraday and end of day...
We were In last week's trade looking for price to finally breakout higher in this market.
Whilst price did make the breakout through the resistance level , there was not the explosion that some may have expected.
After the breakout price made a quick rotation back lower where the breakout resistance held as a new support level .(see the 1 hour chart)