Hello traders. This 4H analysis on Gold shows us a trendline which has been respected multiple times. Based on technical analysis, if the trendline is respected once again, price is likely to retest the resistance level between 1778.55 & 1782.90. If this resistance level is respected, we may also see price falling to the support level between 1742 & 1753.18.
If the trendline is not respected, price may just simply fall to the support level between 1778.55 & 1782.90, and if the resistance level is not respected, price may retest the previous high on the 4H TF at 1800.
If the trendline is not respected, price may just simply fall to the support level between 1778.55 & 1782.90, and if the resistance level is not respected, price may retest the previous high on the 4H TF at 1800.
Comment:
Price did reject from our resistance level between 1778.55 & 1782.90 as projected but did not fall to the support between 1742 & 1753.18. Price has now found found support at our previously mentioned resistance level and expected to rise higher.
Trade closed: stop reached
The support level between 1742 & 1753.18 is also a good place to buy if an entry reason appears, such as a trend reversal candlestick pattern.