price has made expending yellow triangle chart pattern below red trend line (resistance).
is this yellow expending chart pattern correction before breakout of red trend line ? or it is beginning of trend reversal
all of this will be made clear after Fed's Monetary Policy Statement. the confusion among investor to sell or buy gold is clear from technical analysis which has made correction between yellow trend lines.
resistance red trend line
support horizontal white support 1850, 1815, 1765
1815 and 1767 are strong support for long entry
since this is line chart. You can expect closing of candlesticks at these levels
old line chart is still best way to trade gold
(long after breakout of upper yellow trend line upto red trend line, long again on breakout of red trend line)
is this yellow expending chart pattern correction before breakout of red trend line ? or it is beginning of trend reversal
all of this will be made clear after Fed's Monetary Policy Statement. the confusion among investor to sell or buy gold is clear from technical analysis which has made correction between yellow trend lines.
resistance red trend line
support horizontal white support 1850, 1815, 1765
1815 and 1767 are strong support for long entry
since this is line chart. You can expect closing of candlesticks at these levels
old line chart is still best way to trade gold
(long after breakout of upper yellow trend line upto red trend line, long again on breakout of red trend line)
Comment:
closer look of chart pattern
Comment:
Elliott wave
2.382 x wave 1= 3+5
2.382 x wave A = wave C
support 1757 wave (2) near 0.618 of 135 and 1723 wave 2
projection target from wave (2) 1996
2.382 x wave 1= 3+5
2.382 x wave A = wave C
support 1757 wave (2) near 0.618 of 135 and 1723 wave 2
projection target from wave (2) 1996
