#GOLD a downwards Channel breakout? #XAUUSD #GOLDTRADING
A short technical update on Golds price movement as we see some structure is building up.
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Current Opinion about Gold:
Pullback to support and then bullish continuation
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Gold is trading in a Makro - Downwards channel, trading in the vicinity of the upper Trendline .
Although despite the nice Rally from 1460, Gold just positioned itself back again in a sideways trading range between 1510 and 1485.
If you want to join the camp of traders that want to see the downwards channel pattern resolve itself to the upside as it statistically has more chance to so, you still might take into consideration at which moment you want to join it.
Given the trading range you have 1485 key support level which can be easily hit by Golds Market Volatility and still keep the Chance of a breakout attempt to the upside and target prices around 1560 - 1580 pretty much intact.
A drop Below 1475 and candle close in this vicinity would start to turn trajectory to the downside with a supportzone between 1460-1440.
The Oscillators are giving mixed signals which makro Timeframes looking more Bullish and lower timeframes giving more signals of a short term price exhaustion what is more indicating a retest of support before continuation.
Don't chase the price, let the price come to your entry point where you feel comfortable.
Drop the feeling of missing out and manage your risk wisely according to your Position size at key Support.
Trade Safe!
===========================
You can copy and follow my Trades on eToro
www.etoro.com/people/koboltrading
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$GLD $GDX $GDXJ #GLD #GDX #GDXJ $NEM $GOLD. $HOC.L $2899.KH $BOL. ST $XAUUSD #XAUUSD #XAU #TRADINGGOLD #GOLDPRICE #TECHNICALANALYSIS
===================================
Current Opinion about Gold:
Pullback to support and then bullish continuation
===================================
Gold is trading in a Makro - Downwards channel, trading in the vicinity of the upper Trendline .
Although despite the nice Rally from 1460, Gold just positioned itself back again in a sideways trading range between 1510 and 1485.
If you want to join the camp of traders that want to see the downwards channel pattern resolve itself to the upside as it statistically has more chance to so, you still might take into consideration at which moment you want to join it.
Given the trading range you have 1485 key support level which can be easily hit by Golds Market Volatility and still keep the Chance of a breakout attempt to the upside and target prices around 1560 - 1580 pretty much intact.
A drop Below 1475 and candle close in this vicinity would start to turn trajectory to the downside with a supportzone between 1460-1440.
The Oscillators are giving mixed signals which makro Timeframes looking more Bullish and lower timeframes giving more signals of a short term price exhaustion what is more indicating a retest of support before continuation.
Don't chase the price, let the price come to your entry point where you feel comfortable.
Drop the feeling of missing out and manage your risk wisely according to your Position size at key Support.
Trade Safe!
===========================
You can copy and follow my Trades on eToro
www.etoro.com/people/koboltrading
===========================
$GLD $GDX $GDXJ #GLD #GDX #GDXJ $NEM $GOLD. $HOC.L $2899.KH $BOL. ST $XAUUSD #XAUUSD #XAU #TRADINGGOLD #GOLDPRICE #TECHNICALANALYSIS
