Gold Support and Resistance; Can Gold Make a new All Time High?
HEADLINE: Support and Resistance; Can Gold Make a new All Time High?
TICKER: GOLD
SUMMARY: We are currently looking for support and resistance levels for Gold. Gold has been in an uptrend, so we are first and foremost looking for resistance and mapping up potential support levels if price can’t breach resistance.
STRATEGY USED: Momentum Mover
Trend Confirmation = Fractal Trend
Entry Signal = Breakaway Scalper
Exit Signal = Breakaway Scalper OR Orderblock Mapping
Note: The Breakaway Scalper is not using its trailing stop function*
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DESCRIPTION:
1. The current trend is up according to Fractal Trend (Dark Green background) and Scalper (Lime Green bar color).
2. We are looking for the uptrend to continue and looking for potential resistance.
3. The bearish order blocks at R1 created from the previous highs in 2012 are logical places to look for resistance.
4. If R1 doesn't hold, then it means new all time highs for Gold.
5. If R1 acts as resistance we will be looking for support at S1 - S4.
6. S1 - the top of S4 each give us a chance to see higher lows.
7. The bottom of S4 gives us a chance to form a double bottom.
8. Each lower support however risks losing the bullish price structure Gold has formed since 2016.
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NOTE: We conduct market analysis on a daily basis from a trend trading perspective using our own in house built tools. If you like any of the content we provide please leave a like and a follow to show your appreciation.
TICKER: GOLD
SUMMARY: We are currently looking for support and resistance levels for Gold. Gold has been in an uptrend, so we are first and foremost looking for resistance and mapping up potential support levels if price can’t breach resistance.
STRATEGY USED: Momentum Mover
Trend Confirmation = Fractal Trend
Entry Signal = Breakaway Scalper
Exit Signal = Breakaway Scalper OR Orderblock Mapping
Note: The Breakaway Scalper is not using its trailing stop function*
---
DESCRIPTION:
1. The current trend is up according to Fractal Trend (Dark Green background) and Scalper (Lime Green bar color).
2. We are looking for the uptrend to continue and looking for potential resistance.
3. The bearish order blocks at R1 created from the previous highs in 2012 are logical places to look for resistance.
4. If R1 doesn't hold, then it means new all time highs for Gold.
5. If R1 acts as resistance we will be looking for support at S1 - S4.
6. S1 - the top of S4 each give us a chance to see higher lows.
7. The bottom of S4 gives us a chance to form a double bottom.
8. Each lower support however risks losing the bullish price structure Gold has formed since 2016.
---
NOTE: We conduct market analysis on a daily basis from a trend trading perspective using our own in house built tools. If you like any of the content we provide please leave a like and a follow to show your appreciation.