GOLD - KEY ZONE REACHED | DESCENDING CHANNEL BREAKOUT OR BOUNCE?

Short

CFDs on Gold (US$ / OZ) (TVC:GOLD)

TVC:GOLD CFDs on Gold (US$ / OZ)

chartpattern indicator trendanalysis commodities gold silver oil fx dollar usd eurusd gbpusd

Gold has been respecting the descending channel for some time now and we have approached the top of the channel.
Gold could either reverse back down and consolidate before breaking out upwards or potentially power straight through.
As a result, a short position is placed with a tight stop should gold push through and breakout of the channel.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.