- In my previous chart published on gold yesterday I indicated a bullish triangle using a descending trend resistance and ascending trend support here:
- I expected, if gold were to drop that we would encounter support at both the indicated trendline as well as the clear S/R zone around 1485 - Gold managed to break through the trend resistance at the beginning of the NY session however during the FOMC we saw a large selloff that came straight into my indicated support zone - We are now seeing a clear bounce from this area
** For gold to continue the overall larger daily bull trend we are in at the moment, Price needs to once again break above the indicated trend resistance as well as the most recent swing high + significant resistance @ 1508
You don't mention the 1500 psychological barrier too. It's going to be hard to break this to the upwards first surely?
FTE1995
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@jrichens, you are very right, this would be the first barrier before the 1508 level. We have closed above it on the hourly now so will be interesting to see if we get 1508 and possibly above now
Omarragheb1
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Thank you
kindly i notice that i last line wrong number
1408 instead off 1508
FTE1995
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@Omarragheb1, Your welcome. Thankyou for pointing out my error, I have now changed it