Gold is is trading in a Descending Channel.
Gold is clearly at the top downward sloping resistance of a descending channel, it'll be interesting to see if there's enough bullish momentum to break out of the pattern formation...
If not, look for an entry at the bottom of the channel if the gold price starts to see overwhelming bearish pressure.
The Williams Alligator is getting tighter and starting to turn upward, which is inherently bullish. You want to see the bands widening and pointing in one specific direction for bullish or bearish confirmation of a trend, when the bands start getting tight it's an indication of a reversal or indecision among market participants.
The blue line on the DMI is starting to rise and if we see it cross over the other two lines in the upcoming weeks/months it will be very bullish. The last time the orange line on the DMI crossed over the red on a 5-year chart was right before the recent bull market started in late 2018, I have placed a green finger to display where I am referencing.
If not, look for an entry at the bottom of the channel if the gold price starts to see overwhelming bearish pressure.
The Williams Alligator is getting tighter and starting to turn upward, which is inherently bullish. You want to see the bands widening and pointing in one specific direction for bullish or bearish confirmation of a trend, when the bands start getting tight it's an indication of a reversal or indecision among market participants.
The blue line on the DMI is starting to rise and if we see it cross over the other two lines in the upcoming weeks/months it will be very bullish. The last time the orange line on the DMI crossed over the red on a 5-year chart was right before the recent bull market started in late 2018, I have placed a green finger to display where I am referencing.
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