Gold is forming a textbook ascending channel, a bearish continuation pattern.
Volume has been descending recently as it moved higher, showing weakening bulls, with the most recent selloff breaking out of volume indicating a bearish turnaround.
1) Ascending channel
2) Descending bullish volume
3) Turnaround bearish hammer w/ breakout sell volume
Moving Forth.
Volume has been descending recently as it moved higher, showing weakening bulls, with the most recent selloff breaking out of volume indicating a bearish turnaround.
1) Ascending channel
2) Descending bullish volume
3) Turnaround bearish hammer w/ breakout sell volume
Moving Forth.
Trade closed: stop reached:
Trade closed, upper bound breached - recession imminent
Comment:
This last push has been a lot of fear based random buying due to the stock market dumping, currently moving up in an ascending triangle on descending volume, will most likely break back down into range shortly
