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Analysis of #GOLD
In a previous analysis I predicted a break to the downs side from the descending triangle and explained how I will buy gold, 'link below this idea" well it did not come to my entry point yet, but now we have gold forming a bullish pennant, will look to buy if it came back to retouch the lower point of the pennant and provide a reason to enter, or break outside the pennant
> Please note the ideas is valid only if it happened as I said above
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Check today analysis below
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I think Gold needs more time for another HIGH climb. On Friday there where no sign of ascend. The market was testing the potentials and nothing happened. The neutral behavior of the market means that BANKS and GIANT determining organizations of GOLD MARKET where in a BIG DOUBT. Last days of "May 2020" won't establish the way the trend will go. JUNE is the most important period of the whole history I think.
TheTradersAvenue
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@ahmadalaei, I kinda agree, if you look at the weekly chart, gold fights against trend line resistance, still though it's not short for me, I see this as an accumulation zone for a potential bullish move to come soon
ahmadalaei
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@TradingAxis, the time the accumulation continues depends on fundamental factors
TheTradersAvenue
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@ahmadalaei, thx for sharing your comment🙌 and i like your thought on the pair
Trading-Guru
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Great analysis as always! Gave it a thumbs up.
I see more of a symmetrical triangle at the moment than a bullish pennant , so I will not make any decisions on direction yet before the market opens.