Since October 27 Gold is recovering into an upward move. The chart is still respecting the Major Blue ascending channel. But recently a new Purple one evolved inside the Blue channel.
The Strong support zone was retested twice pushing the chart into a favorable bullish momentum. The 2nd Support zone is actually being confirmed as solid, right now.
If it holds, we will have a strong upward move inside the purple channel, or a less powerful one potentially respecting the middle blue line. Both Scenarios will be eventually on the way to breach the red zone & making a new Top.
If the actual support zone is weak, Gold will breach down the purple channel, back to the Blue one, closing in again on the Strong Support zone.
I still favor an Upward move even if it might go a bit sideways 1st.
Trade Safe.
The Strong support zone was retested twice pushing the chart into a favorable bullish momentum. The 2nd Support zone is actually being confirmed as solid, right now.
If it holds, we will have a strong upward move inside the purple channel, or a less powerful one potentially respecting the middle blue line. Both Scenarios will be eventually on the way to breach the red zone & making a new Top.
If the actual support zone is weak, Gold will breach down the purple channel, back to the Blue one, closing in again on the Strong Support zone.
I still favor an Upward move even if it might go a bit sideways 1st.
Trade Safe.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.