Gold: Due for a Correctional Bounce?
Update: That trade failed. Breaking 1240.00
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Gold is trading near the bottom of a clear short term bearish channel, where Oversold conditions, bullish divergence on RSI and the Short term channel support hint a potential upside pullback for now.
The pullback scenario requires 1240.00 major support to hold. And targets the mid-channel resistance around 1275.00 level.
1240.00 is a key support level to watch.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page thefxchannel.com
My best regards,
Technician
----------------------------------------------------------------------------------------------------------------------------------------------------------------
Gold is trading near the bottom of a clear short term bearish channel, where Oversold conditions, bullish divergence on RSI and the Short term channel support hint a potential upside pullback for now.
The pullback scenario requires 1240.00 major support to hold. And targets the mid-channel resistance around 1275.00 level.
1240.00 is a key support level to watch.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page thefxchannel.com
My best regards,
Technician
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.