GOLD: LONG - Gold breaking out of short term descending channel
This is a further update to my overall Ascending triangle pattern idea on the weekly charts.
- Price has now broken the descending channel seen on the hourly chart and lower timeframes
- 1250 is resistance (Psychological level) therefore wait for a break of this level too to fully confirm the breakout
- 1260 (Psychological level) I believe could be the next possible resistance level
FUNDAMENTALS:
- Trade war between USA/China/EU not showing any signs of an agreement yet/ramping down.
- On Sunday it is claimed that Donald Trump said he believed the nuclear disarmament deal with North Korea may not work out, if this is true this could be very bad news for the US and a repeat of previous meetings with North Korea.
- A lot of high volatility USD news this week including FOMC statement minutes on Wendesday.
-Appreciate any thoughts, comments. Thanks for reading.
James .
- Price has now broken the descending channel seen on the hourly chart and lower timeframes
- 1250 is resistance (Psychological level) therefore wait for a break of this level too to fully confirm the breakout
- 1260 (Psychological level) I believe could be the next possible resistance level
FUNDAMENTALS:
- Trade war between USA/China/EU not showing any signs of an agreement yet/ramping down.
- On Sunday it is claimed that Donald Trump said he believed the nuclear disarmament deal with North Korea may not work out, if this is true this could be very bad news for the US and a repeat of previous meetings with North Korea.
- A lot of high volatility USD news this week including FOMC statement minutes on Wendesday.
-Appreciate any thoughts, comments. Thanks for reading.
James .
Comment:
1250 now broken