Gold has had a very good run to its last high at 1.292$.
It has formed a new and steep parallel channel and has just touched the upper limit.
The RSI-Indicator shows Gold within a triangle and actually in the peak of this wedge. Whether it breaks to the top or will correct to the bottom (what I am expecting).
Volume has shrunken - not much but enough to show falling momentum.
MACD is more or less neutral but with falling tendency (in 30-min candles it has already turned).
My conclusion is, that Gold will make a pause in the longer positive trend, returning to the broader channel or even to the last swing trend line at 1.239$ (dotted line). This wouldn´t interrupt the positive trend - it would only be a little correction within the positive trend.
In the longer run I expect gold to get back to the older levels (> 1.300$).
It has formed a new and steep parallel channel and has just touched the upper limit.
The RSI-Indicator shows Gold within a triangle and actually in the peak of this wedge. Whether it breaks to the top or will correct to the bottom (what I am expecting).
Volume has shrunken - not much but enough to show falling momentum.
MACD is more or less neutral but with falling tendency (in 30-min candles it has already turned).
My conclusion is, that Gold will make a pause in the longer positive trend, returning to the broader channel or even to the last swing trend line at 1.239$ (dotted line). This wouldn´t interrupt the positive trend - it would only be a little correction within the positive trend.
In the longer run I expect gold to get back to the older levels (> 1.300$).
Trade active:
Update:
Trade closed: target reached:
Seemingly it´s more than a short breakout of the older trend channel (green) - not a bull trap.
The next resistance will be the long term positive trendline at ~1.310$.