Long term trend: Up
Medium term trend: Down
Significant Levels: 1416 (Horizontal Resistance), 1187 (Horizontal Support), 1270 (Medium term Significant Area)
The previous analysis is still valid. The Triangle Pattern that formed before was broken below. After the breakout happened, the price struggle a little bit, thinking where they are going, until the market continue to decline. Those who took the trade is now having a good time being profitable. Just don't forget to take profits and not be greedy.
The long term trend, which is up, is currently not that obvious right now. If you zoom out your chart to the Monthly time frame, you can tell that the market is going up (but currently forming a retracement). After the strong uptrend (in the monthly chart) that formed before, the market declined and is still down. Though the long term trend is up, I'm bearish with Gold right now. The solid confirmation of Gold being in a downtrend will be supported if the market breaks the 1187 Horizontal Support.
Market is currently going down and there is nothing to trade right now. What we're looking for here is for the price to reach the Horizontal Support level. When that happens, the price action that will form is important for us to analyze, to know whether the downtrend will prevail or not. Up to that point, we wait.
Trade well.
Medium term trend: Down
Significant Levels: 1416 (Horizontal Resistance), 1187 (Horizontal Support), 1270 (Medium term Significant Area)
The previous analysis is still valid. The Triangle Pattern that formed before was broken below. After the breakout happened, the price struggle a little bit, thinking where they are going, until the market continue to decline. Those who took the trade is now having a good time being profitable. Just don't forget to take profits and not be greedy.
The long term trend, which is up, is currently not that obvious right now. If you zoom out your chart to the Monthly time frame, you can tell that the market is going up (but currently forming a retracement). After the strong uptrend (in the monthly chart) that formed before, the market declined and is still down. Though the long term trend is up, I'm bearish with Gold right now. The solid confirmation of Gold being in a downtrend will be supported if the market breaks the 1187 Horizontal Support.
Market is currently going down and there is nothing to trade right now. What we're looking for here is for the price to reach the Horizontal Support level. When that happens, the price action that will form is important for us to analyze, to know whether the downtrend will prevail or not. Up to that point, we wait.
Trade well.