Gold - Weekly - End of low Gold prices?
We are at a very key level right now. Are we going to change the trading range and get into the 1300s and 1400s?
We need a good confirmation from the Weekly. Even though we have gone into the previous highs territory around 1295, still it is unclear.
It seems that it would like to go higher, but have a look at the Weekly chart and this weeks candle formation. It might potentially form a Hammer (Hanging Man) candle. Of course, I understand that this formation will be least Bearish if the body will stay green. If that happens, then we will see some Bullishness next week. But, if all this today will go down the crapper and we will start seeing some negativity, then this all together will be a great Tripple Top formation.
At the moment, I'm staying neutral.
This commodity is a great one to trade, so keep an eye on the price action!
We need a good confirmation from the Weekly. Even though we have gone into the previous highs territory around 1295, still it is unclear.
It seems that it would like to go higher, but have a look at the Weekly chart and this weeks candle formation. It might potentially form a Hammer (Hanging Man) candle. Of course, I understand that this formation will be least Bearish if the body will stay green. If that happens, then we will see some Bullishness next week. But, if all this today will go down the crapper and we will start seeing some negativity, then this all together will be a great Tripple Top formation.
At the moment, I'm staying neutral.
This commodity is a great one to trade, so keep an eye on the price action!
