GOLD - At Ascending channel support with hidden bull divergence
- As shown in the chart on higher timeframes, gold looks to be forming within an ascending channel
- This occurs when price is forming between two parallel upward sloping trendlines
- Price forms both higher highs as well as higher lows
Four reasons I believe we may go higher from this point:
1. Hidden bull divergence evident on the last two higher lows within the pattern
2. As shown on the chart by the dotted orange line + Purple boxes, this level ( ~ 1505 ) has acted as strong R/S zone within the channel previously
3. Price is currently @ the lower ascending trend support of the channel
4. ** Please check my channel for a further idea that will be posted shortly after this, I wanted to show fib confluence at this level however felt the chart would be too busy if i did, I will be adding the same chart but with the fibs alone and adding it to this pattern too.
- This occurs when price is forming between two parallel upward sloping trendlines
- Price forms both higher highs as well as higher lows
Four reasons I believe we may go higher from this point:
1. Hidden bull divergence evident on the last two higher lows within the pattern
2. As shown on the chart by the dotted orange line + Purple boxes, this level ( ~ 1505 ) has acted as strong R/S zone within the channel previously
3. Price is currently @ the lower ascending trend support of the channel
4. ** Please check my channel for a further idea that will be posted shortly after this, I wanted to show fib confluence at this level however felt the chart would be too busy if i did, I will be adding the same chart but with the fibs alone and adding it to this pattern too.