Price consolidated at a short term support before displaying a strong bullish impulse away.
The TR also formed somewhat of a (weak) double bottom before the impulse, providing a bit more confluence.
Since generally speaking, gold experiences a bit of rally during the holidays, my overall bias month is bullish,
and so I'd like to think that price will at least be...
UJ has reached the resistance of the downwards trend channel that it has been in for the past month.
It show some very bullish price action, breaking through the resistance level quite significantly but this was promptly met with
a series of large bearish candles.
Price is now meandering around short-term support.
Will be waiting for confirmation by way of price...
Price has approached resistance exhibiting a slight rejection before making a bearish move away and re-consolidation.
The two consolidations either side of apex is reminiscent of a head-and-shoulders pattern.
A short into old support yields ~50 pips and ~2.7 RR.
Weekly shows that EA is trading within consolidation range, the support of which has been broken through.
On the daily we can see that the more recent price action is beginning to form a descending wedge.
After breaking through the TR support and consolidating, price saw a sharp markup towards the resistance of the wedge before rejecting it with some
GU has broken straight through major and minor supports, as it has done before.
I see two scenarios playing out here:
1) Either price has broken through and is coming back to retest before continuing on its bearish movement
2) Price has broken through and is now retracing back to major support before consolidating and making a move to the upside.
I am leaning...
Price has rejected major trend channel resistance and is now rejecting the minor resistance exerted by the range EY has been in for
the past month.
Price did break through on the 17th-18th but was met with a bearish engulfing.
All-in-all, I believe price will fall towards support.
Price broke through the channel's resistance before rejecting it at a later point as a retest.
Expecting price to make a move to the upside from this point on.
Backed by the fact that for whatever reason, through thick and thin, the Euro seems to never lose steam.
Momentum on higher timeframes is extremely bullish, so that's also where my bias lies.
It's been about two weeks now since gold went against everyone's assumption and rose higher instead of selling into the demand zone below.
Looking at the trend channel on a higher timeframe I can kinda see why.
Gold has twice before broke through the minor resistance and reaching levels at the major, higher timeframe resistance before selling back down through the...