Upper trendline can be a strong resistance.
Wait for GOLD to breach any one of the trendlines.
Let the breakout sustain before taking any action.
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Gold is forming an inverted head and shoulder whose neckline is in confluence with very crucial resistance line.
I will long gold with 1500 as first target and then from their will wait to see the reaction at resistance zone to open new position.
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Gold which was trading at the lower support zone of a long term channel, has closed at nine days high. After this consolidation, it may trade at higher levels in coming days.
Momentum is also looking strong, indicating a upward price moment.
Beyond technical analysis, the fed rate cut and mixed commentary thereafter can be termed as supportive to a price rise...
Gold has given been in bear's grip since Wednesday (25-09-19), it formed a Doji on daily chart yesterday (26-09-19) and resumed the fall today.
It has come out of a medium term channel on 25th, 1483-89 is the range it managed to form a bottom from when it corrected a few days back.
It may break this support this time, 1440-1460 is the next target on the down...
Gold posted a handsome recovery, not only broke a price channel on the upside but also breached another important range 1483-1511, where it has spend several weeks in recent past.
It did spend some time above 1483, and corrected a little towards the closing.
1483 is a strong resistance, if and once it is breached too, it will start acting as a resistance.
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.