GOLD Getting Ready to Move
GOLD has been consolidating on this purple box for the last week, with its RSI being able to breathe after hitting oversold levels.
It's now sitting at the Support Zone 2 and at an Ascending Trendline, after breaking a smaller one.
-If price breaks the consolidation box and Support Zone 2, it's very likely for us to see a continuation of the downtrend. Wait for a retest and consider a short position down to Support Zone 1;
-If it rejects this level and bounces on the Trendline, it might head to the upside with a first target at Resistance Zone 2 and then at Resistance Zone 3. In this case, wait for it to break the consolidation box and Resistance Zone 1. A good rejection candle on the Ascending Trendline could also be a good indicator for a long position.
Use stop-losses and a good risk management. Remember this is not financial advice.
It's now sitting at the Support Zone 2 and at an Ascending Trendline, after breaking a smaller one.
-If price breaks the consolidation box and Support Zone 2, it's very likely for us to see a continuation of the downtrend. Wait for a retest and consider a short position down to Support Zone 1;
-If it rejects this level and bounces on the Trendline, it might head to the upside with a first target at Resistance Zone 2 and then at Resistance Zone 3. In this case, wait for it to break the consolidation box and Resistance Zone 1. A good rejection candle on the Ascending Trendline could also be a good indicator for a long position.
Use stop-losses and a good risk management. Remember this is not financial advice.
Penafian
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