gold - 4h - Friday 30 April 2021

30 Apr 2021

GOLD

After yesterday's candle that was a spinning top , which is a sign of indecision and here its printed within an established range signalling further sideways range or a significant trend change. Today, the price is being sandwiched between the 9EMA and the 50EMA on daily. It has been ranging for the past 11 sessions forming a bullish flag or a downtrend channel . Today, we see a pennant forming on this 4h chart. The price is now at a crossroad ready to take its next move that will be significant and two scenarios are expected;

scenario 1: the price will continue the current bullish trend breaking above the bullish flag reaching 1808 and above, or;

scenario 2: the price will break below the pennant continuing within the downtrend channel reaching 1738 and below.

Time will tell.

-disclaimer: this information is not a recommendation to buy or sell. I encourage you to trade carefully.