Gold consolidates with narrowing price movements forming a triangle pattern. Prices open in the pivot area for this week, if the first weekly break support price is likely to continue the previous pattern and the potential reversal zone is in the second and third weekly support area. If the price manages to move above the pivot then the chance for the price to continue the triangle pattern and the price will move to the first and second weekly risistance areas. In the daily chart the gold price is still in the downtrend channel, if the price breaks up then the closest chance the price moves to the $ 1220 / oz area and if the price breaks down the nearest opportunity will retest the key support at the $ 1182 / oz area.
Weekly Pivot:
R4 1222.73
R3 1213.93
R2 1205.13
R1 1200.36
Pivot 1196.33
S1 1191.56
S2 1187.53
S3 1178.73
S4 1169.93
Option:
-The price movement in a week can be used as a reference to take positions in daily opportunities.
Weekly Pivot:
R4 1222.73
R3 1213.93
R2 1205.13
R1 1200.36
Pivot 1196.33
S1 1191.56
S2 1187.53
S3 1178.73
S4 1169.93
Option:
-The price movement in a week can be used as a reference to take positions in daily opportunities.
Comment:
Comment:
bullish or bearish?
