The gold broke the resistance area 1960$ and it was a strong area and touched the area of 1984$, it returned to the area of 1960$ to become a support area to gather strength and rise to the following areas, the first area 2000$, the second area 2030$
The breakout of the U-MLH (yellow) set the tone for Gold.
Now, with this scary pullback, many long positioned traders get stopped out and positions change hands
I will stalk a entry long as soon I see some stabilisation at the U-MLH.
P!
...it halted to the tick at the L-MLH.
Supported by the A/R line, what we have here is a long candidate.
As a target I simply choose the EP = Energy Point.
P!
Here we are at the U-MLH.
Do we turn again south from here?
Dunno...
What I really know is, that price will reach the centerline over 80%.
So, from the perspective of the whit, upsloping fork, I would not initiate a short trade with a longer term perspective...
So lets just observe how price closes.
Above the blue U-MLH or below and how support will come in...
