Today’s Technical Analysis – GTII – trading in a valid rising wedge where a break back to structural support is likely.
Points to consider,
- Range median (Local resistance)
- Structural support retest (S/R Flip confirmation)
- RSI divergence
- Stochastics in upper regions
- Noticeable bull volume
GTII’s range median is an important level marking the apex...
Gold was chopping around in this broadening top formation, and ended up breaking it to the downside. We then tested the previous rising support trend line as new resistance, and were rejected. Gold is now trading underneath the previous rising support trend-line, and is hanging on by a little bit to this 1490 support zone. Ultimately I think Gold heads lower...
