Gold - weekly update on 4H - big sell incoming
Dear traders and followers,
welcome to our weekly gold market update !
The gold price moves within an ascending channel which has been formed after a strong and fast sell out at the end of September.
Last week more sell volume than expected entered the market. In relation to this big sell volume we see a possible strong incoming sell wave within the next two weeks. If the price fail to break and close above 1915-1920 $ within the next 48 hours a lower high and right shoulder has been formed. Additional the price failed than to close above the 200 day moving average. Many sell indicators.
In long term we are bullish for gold but for now we don't recommend to buy more gold before the price hits our drawn long term buy area near 1800 $
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welcome to our weekly gold market update !
The gold price moves within an ascending channel which has been formed after a strong and fast sell out at the end of September.
Last week more sell volume than expected entered the market. In relation to this big sell volume we see a possible strong incoming sell wave within the next two weeks. If the price fail to break and close above 1915-1920 $ within the next 48 hours a lower high and right shoulder has been formed. Additional the price failed than to close above the 200 day moving average. Many sell indicators.
In long term we are bullish for gold but for now we don't recommend to buy more gold before the price hits our drawn long term buy area near 1800 $
Feel free to leave a comment or to share your ideas in the comments section
Please hit the like button if you share or like this idea.
Follow us and stay up to date/don't miss any new ideas
Thanks for your support !
Trade closed: target reached
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
