Gold (
GOLD) is starting to reject the channel resistance:
Click chart above to see the detailed analysis👆🏻
Gold perfectly retested the top of the rising channel after rallying more than +35% over the past couple of months. Just looking at this overextended rally alone, it is quite likely that Gold will correct even more and maybe, we will even see a retest of the previous breakout level.
Levels to watch: $2.700, $2.050
Keep your long term vision,
Philip (BasicTrading)
GOLD) is starting to reject the channel resistance:Click chart above to see the detailed analysis👆🏻
Gold perfectly retested the top of the rising channel after rallying more than +35% over the past couple of months. Just looking at this overextended rally alone, it is quite likely that Gold will correct even more and maybe, we will even see a retest of the previous breakout level.
Levels to watch: $2.700, $2.050
Keep your long term vision,
Philip (BasicTrading)
Trade active
Trading update on Gold (GOLD):Click chart above to see the detailed analysis👆🏻
Gold is clearly losing momentum and over the past couple of days, we saw a significant selloff in just a very short period of time. Market structure on the smaller timeframes is not totally bearish yet, however looking at the channel resistance, a move lower is still quite expected.
Levels to watch: $2.700, $2.050
Keep your long term vision,
Philip (BasicTrading)
Trade closed: target reached
Trading update on Gold (GOLD):Click chart above to see the detailed analysis👆🏻
Volatility at the top of a bullrun is actually nothing unexpected and is more often than not a sign that big players are selling their positions. Nothing changed on Gold so far - as a bull, it might be smart to finally take partials - as a bear, it is quite likely that Gold will create a healthier correction from here.
Levels to watch: $2.700, $2.050
Keep your long term vision,
Philip (BasicTrading)
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SwingTrading.Simplified.
Free: SwingTrading-Academy👇🏻
discord.gg/jgdrYXwqyD
#LONGTERMVISION
Free: SwingTrading-Academy👇🏻
discord.gg/jgdrYXwqyD
#LONGTERMVISION
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.