DeGRAM | GOLD broke the upward structure

Apr 8

GOLD is in an ascending channel between trend lines.

The price has already reached the lower boundary of the channel, the lower trend line and the support level, which has already acted as a rebound point.

The chart has broken the ascending structure, but a descending top must now be formed to continue the decline.

On the 1H Timeframe, the indicators are forming a bullish convergence.

We expect XAUUSD to rebound after consolidating above the important psychological level of $3000.

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Apr 9

Trade active

GOLD is at the upper boundary of the local descending channel above the trend lines.

The price is moving from the lower trend line.

The chart has broken the local descending structure, forming a rising bottom and top.

We expect the rebound to continue after consolidation above the upper channel boundary and 50% retracement level.

Apr 10

Trade closed: target reached

GOLD has successfully reached the $3125 level