Gold, Strong Breakout & New Downtrend Analysis

COMEX:GC1!   Gold Futures
As you can see from the chart, the big Bearish Candle caused the breakout of both the Bullish Trendline & the long-term Strong Support Area . Bearish Volume is high but the RSI is almost oversold. At this point a new Bearish Parallel Channel can be created.
But can this new channel sustain a new downtrend?
I don't think so. Currently the bears aren't strong enough to take control over the market. Bulls will continue to push the price higher before even hitting the 1240 support zone .

Sky is not the Limit

The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.
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