Here we are looking at the weekly chart of Gold and this week, Gold has opened lower than the previous week's close. Which ultimately translates to a piercing (reversal) candlestick pattern. Also note that the piercing candlestick forming at the support level (trendline) makes it much more reliable of a reversal signal. Like many other patterns and signals, it's not 100% guarantee, but it's there!
Happy Trading, folks!
Cheers!
Happy Trading, folks!
Cheers!
Trade closed: target reached