Price bounced off that descending trend line 3 times and broke below the 1296.30 psychological level. Price is now heading down to the demand area. Let's see if it would either break or bounce away from the demand area.
As we can see, this pair is in a downtrend after forming a head and shoulders pattern, breaking that ascending trend line. We can also see a descending wedge, indicating a potential bullish outbreak. Price made a morning star candlestick reversal pattern at an area of demand. We could see a breakout to the upside, a rejection from the .618 + area of supply, and a...
As we can see on the 4-hour chart, price broke outta the bullish wedge at the 3367 support area. Price then found itself at a previous area of supply. Right now, price is creating a bullish flag pattern, indicating potential longs, but price is stubborn.
Price broke out of September's descending trend line and was rejected by that 1.14570 psychological level (resistance). Now, price is floating around in that demand area. Overall, we see a inverse head and shoulders pattern, indicating upwards movement.
As we can see, price broke outta that downwards trend line, but failed to break and close above the 1.72000 psychological level twice. It has been ranging since September and price is now sitting at support (March 2018's downward trend line became support). Let's see if price can break above the 1.72000 or break below the 1.66000 level.
As we can see, price formed a descending channel and bounced off the Monthly Support level of 110.950. Price made its way to a supply/demand level and bouncing off it with a Fib retracement level of .50. I have my target set to 110.000 and my stop loss at 112.250
Gold broke through the monthly support level of 1287.60 and bounced of a level of previous structure 1247.90. Let's see if it returns to a level of minor structure or in between the .618 and the .786 Fib level in confluence with monthly resistance of 1287.60.
As we can see, GJ broke past the weekly resistance level of 148.870. Price bounced from the monthly resistance level and 0% Fib retracement. Price broke out of the first descending counter trend line and is at the second counter trend line. Let's see if it'll break the small ascending channel confirming more bearish movement.