Phenlx
Long

Gold decelerating close to Trend support line?

FX:XAUUSD   Gold Spot / U.S. Dollar
378 2 8
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Comment:
Comment:
Comment:
Thank you for your opinion. If you had more technical comment it would be super. Best.
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Phenlx Charlesb70
Hi Charles,
I appreciate your comment.
What I expect is a break of the resistance at 1087 USD (green dotted line). since you can see 3 significant consecutive higher lows (connected with red curve) we see not only a rounding bottom but also a crescending triangle. Both are indicatores for upcoming bullish momentum.
To see if this make any sense we do need to see on a bigger picture where this is happening. A few seconds ago I have published an analysis on bigger time frame explaining how do i see the above structure in a whole context. Check it out, hope it I was clear in my explanation.

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