We are getting close to a major Resistance Zone on GOLD Futures
Today we will analyze the 4hs chart to understand what to expect in the current situation.
a) The price has broken the descending channel (Bullish Signal).
b) Currently, we can see a clear strength of the ascending trend.
c) We expect a Target at 1965 - 1980 where we have a Major Resistance zone. (That's a great spot to look for short term bearish opportunities)
d) The target we think the reaction should reach is the current ascending trendline.
e) IF you are a swing trader, we should wait for the correction before thinking about taking long setups. Our idea is to trade above the correction once this happens (Validation level for swing setups)
f) If we observe a re-entry of the price inside the descending channel, we should consider that as a major signal that we may have seen a Bullish fakeout.
a) The price has broken the descending channel (Bullish Signal).
b) Currently, we can see a clear strength of the ascending trend.
c) We expect a Target at 1965 - 1980 where we have a Major Resistance zone. (That's a great spot to look for short term bearish opportunities)
d) The target we think the reaction should reach is the current ascending trendline.
e) IF you are a swing trader, we should wait for the correction before thinking about taking long setups. Our idea is to trade above the correction once this happens (Validation level for swing setups)
f) If we observe a re-entry of the price inside the descending channel, we should consider that as a major signal that we may have seen a Bullish fakeout.
