GOLD - Short term Double bottom @ 1200 Pyschological level..
- Gold has formed a possible double bottom Bullish reversal pattern at the 1200 Psychological support
- The second bottom of the pattern coincides with a retest of the short term hourly trend-line
- This could indicate possible short term bullish action
- Neckline @ ~ 1204 would need to be clearly broken to confirm this pattern
HOWEVER this pattern is occurring at the 1200 Psychological support, which the pro's are saying is a very weak support,
therefore this could just as easily go bearish so watch out.
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- The second bottom of the pattern coincides with a retest of the short term hourly trend-line
- This could indicate possible short term bullish action
- Neckline @ ~ 1204 would need to be clearly broken to confirm this pattern
HOWEVER this pattern is occurring at the 1200 Psychological support, which the pro's are saying is a very weak support,
therefore this could just as easily go bearish so watch out.
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
Comment:
-Price has broken through the neckline resistance and is advancing fast!
-look for a close on higher timeframes above this level for confirmation
- still got fed speaker Powell later on this evening could be bearish for the metal
-look for a close on higher timeframes above this level for confirmation
- still got fed speaker Powell later on this evening could be bearish for the metal
- 1200 Still seems to be holding as support on lower timeframes
- BE CAUTIOUS, this level could still break today