As of October 17, 2023, at 09:00 AM, let's analyze the current technical situation of Gold.
🟡 Gold is currently positioned at a higher low (HL) on the downtrend line. It recently encountered resistance at the Senkun Span, which is a significant level within the Ichimoku Cloud. Subsequently, it underwent a brief bearish movement to maintain its position below the cloud.
We should keep a close watch on whether this trendline will break, as such a development could indicate a robust bullish momentum, particularly in reference to the lagging span (the green line). After enduring a bearish trend over the past 10 days, a break in this trendline might propel Gold back towards the $2000 level.
Additionally, there are signs of a distribution phase underway, suggesting that Gold might trade sideways. If this scenario unfolds, we should be prepared for another downtrend, likely as a corrective phase. 😊😊😊
🟡 Gold is currently positioned at a higher low (HL) on the downtrend line. It recently encountered resistance at the Senkun Span, which is a significant level within the Ichimoku Cloud. Subsequently, it underwent a brief bearish movement to maintain its position below the cloud.
We should keep a close watch on whether this trendline will break, as such a development could indicate a robust bullish momentum, particularly in reference to the lagging span (the green line). After enduring a bearish trend over the past 10 days, a break in this trendline might propel Gold back towards the $2000 level.
Additionally, there are signs of a distribution phase underway, suggesting that Gold might trade sideways. If this scenario unfolds, we should be prepared for another downtrend, likely as a corrective phase. 😊😊😊
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.