3 POSSIBLEOUTCOMES:
Illustrated in white, orange and pink
If you check back my analysis, i've projected GOLD to drop toward the 1130s since it broke a weekly trendline a few months ago.
In a longer term, gold has been falling quite fast.
It wasn't up until a couple of weeks ago, when the USD took a hit because of tariff sanctions and a few other fundamentals, that gold made a try to pick up strength again.
It failed to retest yearly lows near 1160s, and broke the strong resistance and psychological resistance level of 1210s, climbing to a lower high near 1245.
What we are looking at currently, is a retest of such resistance level near 1210 (where price is at 1209s).
Important to point out:
Bullish channel making a try to change the market's trend back toward 1300s.
Key points:
Price is just on the edge of the support-trendline of such channel which is also an important support (1210s).
BIG QUESTIONS:
1. Will the support hold?
2. Is this a bearish flag?
3. Is this a type of ABC Correction of a long term trend?
Illustrated in white, orange and pink
If you check back my analysis, i've projected GOLD to drop toward the 1130s since it broke a weekly trendline a few months ago.
In a longer term, gold has been falling quite fast.
It wasn't up until a couple of weeks ago, when the USD took a hit because of tariff sanctions and a few other fundamentals, that gold made a try to pick up strength again.
It failed to retest yearly lows near 1160s, and broke the strong resistance and psychological resistance level of 1210s, climbing to a lower high near 1245.
What we are looking at currently, is a retest of such resistance level near 1210 (where price is at 1209s).
Important to point out:
Bullish channel making a try to change the market's trend back toward 1300s.
Key points:
Price is just on the edge of the support-trendline of such channel which is also an important support (1210s).
BIG QUESTIONS:
1. Will the support hold?
2. Is this a bearish flag?
3. Is this a type of ABC Correction of a long term trend?