The general trend of the COMEX GOLD FUTURE is still valid as an uptrend as soon as it is above the blue slope support.
The red line marks the most important line where the sellers won't let the market go above.
The yellow metal have seen recently strong sellers push and have revealed an area (The red line) where the fight is going on between sellers and buyers. Going down further and passing the under pink rectangle zone would probably mark a strong validation of a declining price.
We have seen in the past strong downtrends stretching and erasing all seller by squeezing them up, to then, return again above the blue up trending slope. So beware of any surprise.
For the moment, we are observing this fight at the red line zone. It would probably better to look at the fight and jump on the spot with the winners. Possibility of easy trade and a profitable one.
Hint: the volumes are a bit down since few days, probably it is a good idea to follow up on any significant increase of them...
Thank you for this great analysis. By the way, in case the support is broken, it may head down violently because it is a very strong support
Diallo_Charts_Ideas
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@Saeed966, Thank you. Yes but we have seen that before and the price coming back up again like if nothing happened before.
The lastest candle stick is in favor of sellers because buyers have failed on the super strong resistance. But with Gold, anything can happen and if the price goes above this same candlestick top wick, this could lead to a probable durable uptrend.
Now time is not to be on the spot but just observing, there is strong probability to see a siginificant win of sellers or buyers.
Conservative move would probably be to only wait for long opportunity as before that sellers have been seriously squeezed and some people are still trying to limit the loss... so possibility of seeing the price responding in the long side like an after clean up.
BakiShirzadi
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Great chart
Diallo_Charts_Ideas
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@BakiShirzadi, Thanks. Please keep an eye on volumes.