0807 GOLD is going to lose 1200 support level
GOLD is still inside the descending channel( blue one).
And also still under the light blue descending trendline.
We have 3 lines here.
The red one is where gold hit the blue trendline again.
The green one is the level where it could go back to hit soon.
The blue one is the final support level which we expect it could be soon broken once sellers gather up on the green line. The blue support would be really fragile and all defensive long trade orders would be crashed then. We love to see 1160-1180 soon in the year.
Less is more!
And also still under the light blue descending trendline.
We have 3 lines here.
The red one is where gold hit the blue trendline again.
The green one is the level where it could go back to hit soon.
The blue one is the final support level which we expect it could be soon broken once sellers gather up on the green line. The blue support would be really fragile and all defensive long trade orders would be crashed then. We love to see 1160-1180 soon in the year.
Less is more!
Trade closed: target reached:
1200 no longer a support now, but a resistance.
Final tp is 1193.
170 pips for all.