This chart will help understand the relevance of trend lines and parallel lines in understanding and trading trends of any trade-able instrument.
As per this channel the lower range for Gold is 1485-1490, if it is taken - the gold prices will fall like nine pins.
Let us see how it works in next few days.
prices are heading towards the support zone of 1485-1490, i believe it will bounce back as the present news flow does not support a big fall from sub 1500 levels.
let us see if it respects the channel
as expected, it bounced from very close to the support zone and shoot up.
Gold is moving up as expected or the charts indicated. Protecting your profits is necessary, revise stop loss to 1508. Keep holding your longs, it may surpass the high of 1556, that was made a few days ago.
and it is fast heading towards the support zone, my opinion it will turn back the news flow is supportive and a big fall is a bit difficult in present scenario. Let us see if the prices respect the support this time too.