Gold broke key 1813 level to head up to 1830 levels after which it broke right back inside, down to the strong impenetrable 1795 support.
Currently price is at 1806 having bounced off 175 support. Expecting a drop of price as it tests the daily trendline(black line).
Check the related idea for a bigger picture.
Gold. Sells sells. We are now looking at the retest of the broken trendline. Expecting Gold to respect the retest of this trendline and to break lower and lower. Target 1680 support level.
This could take anywhere from this could take about 3 to 4 weeks of swing trading. Manage your trades well.
Idea is invalidated if it breaks to 1820.
Gold just bounced off 1680 double bottom. Coupled with breaking the resistance level at 1744, we could see some strong bullish moves to break upwards, and out of the bullish flag on D1.
Any break and close below 1730 invalidates the idea (Means a SL to us). Let's go to the moon!
Gold rose from 1680 lows to hit 1750's. Price has since retraced to 1705 zone, which is also 61.8% Fib retracement. Expecting a move back up to the upper trendline.
Also bullish flag on D1 timeframe. Looking for a break in the course of the year.