DeGRAM | GOLD channel break attempt

Aug 28, 2024

GOLD is moving in an ascending channel between the trend lines.

After attempting to break through resistance, the price formed a doji and a bearish takeover and then dropped below the resistance level.

The chart has already reached the dynamic resistance level.

We expect a decline after breaking the lower boundary of the channel.

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Aug 29, 2024

Note

GOLD is moving in an ascending channel between the trend lines.

After an attempt to break the channel, the price bounced and is again near the dynamic resistance.

We expect the pullback to continue after retesting the dynamic resistance.

Aug 29, 2024

Trade active

Gold on Resistance zone

Aug 30, 2024

Note

GOLD continues to press the resistance level above the ascending channel.

The price has not yet reached the dynamic resistance.

We expect a decline after a retest of the resistance level with a possible touch of the trend line.

Sep 2, 2024

Note

GOLD has dropped below the ascending channel and continues to move between the trend lines.

The chart is forming a descending structure.

The price fell under the 38.2% retracement level and during its retest it instantly reacted with a decline.

We expect the decline to continue.

Sep 2, 2024

Trade active

Active

Sep 3, 2024

Note

GOLD is moving in a descending channel.

The chart has consolidated under the mirror support level, which now acts as resistance.

We expect the decline to continue after the resistance is retested.

Sep 3, 2024

Trade active

Active

Sep 4, 2024

Trade closed: target reached

GOLD reached the support level and successfully closed our target.