...after a few days of consolidation around the 61.8 retracement level of the October to December 2018 decline.
Is the 4th time still a charm? or is that the one that drags everyone in before drowning? Go with the flow and add a trailing stop.
a measured move targets $69 Will this work? No one knows, but the risk/reward is compelling enough once the breakout occurs.
with the monthly close around the corner, this still looks like a healthy retracement within an ongoing uptrend, with a well defined support area.
Waiting for a bearish candlestick pattern around the 1.1355 area (red circle), and RSI to roll over below 60 area.
Next resistance $377-$385 then $400
can it finally break its resistance? or will it fall back into its broadening formation?
Breaking out of its downtrend line, after a double bottom at the 61.8 retracement level of the Feb'16-Jan'18 advance.
The iShares MSCI China ETF has not only broken out of its downtrend in absolute terms, it is also showing relative strength vs. the All Country World Index.
Shanghai composite breaking out of its 12 months downtrend channel with a bullish divergence.
If gold can clear this overhead resistance, next will be the $1365 area. Once price closes above that, the bull will probably be unleashed.
Confluence of support just above the psychological level of 3000... waiting for the candle to close...
Confluence of support just above the psychological level of 3000... Waiting for the candle to close.