Since my last analysis the price of Gold has gone sideways, seemingly leaving the narrow trend channel. It has rebounded on the support (swing trend line + lower limit of the trend channel + upper limit of the older, broader trend channel) and is actually approaching an important cross resistance.
Whether it´ll rebound, turning back to the lower limit of the trend channel (red arrow) or it´ll break through to the top (green arrow).
Once it´ll have broken the strong resistance, the next resistance will be the long falling trend line, coming from octobre 2013.
On the downside it would have several support levels, as there are:
+ fib retracement 78.6% (1.310$) / swing trend line at 1.314$
+ ascending trend line from january 2017 (actually at ~ 1315$)
The indicators are bullish (RSI in bullish zone and MACD triggered to the top).
No trading advice!
Whether it´ll rebound, turning back to the lower limit of the trend channel (red arrow) or it´ll break through to the top (green arrow).
Once it´ll have broken the strong resistance, the next resistance will be the long falling trend line, coming from octobre 2013.
On the downside it would have several support levels, as there are:
+ fib retracement 78.6% (1.310$) / swing trend line at 1.314$
+ ascending trend line from january 2017 (actually at ~ 1315$)
The indicators are bullish (RSI in bullish zone and MACD triggered to the top).
No trading advice!