Hey Traders, I have put together a few brief charts to break down recent price action & show some important price levels that we need to pay attention to in order to understand where price is likely to go over the next couple of months. As of right now I am bearish on Gold as the short term trend is down.
The chart below shows what needs to happen before I will begin to look for a trend reversal.. Price must break & close above the high labeled on the chart below followed by a higher low & higher high before I will look for long trades. If you would like to know what I consider confirmation of a trend reversal, please check out my "How to Read Structure (charts) Tutorials". I have Linked those tutorials at the bottom of this idea, click on those charts and it should bring you over to the tutorials regarding trends, trend reversals, ranges & much much more!
Thanks Traders & I hope this was helpful! I will be updating this idea after we get more price action. As of right now, I remain bearish until one of the levels on the charts above are violated.
The chart below shows what needs to happen before I will begin to look for a trend reversal.. Price must break & close above the high labeled on the chart below followed by a higher low & higher high before I will look for long trades. If you would like to know what I consider confirmation of a trend reversal, please check out my "How to Read Structure (charts) Tutorials". I have Linked those tutorials at the bottom of this idea, click on those charts and it should bring you over to the tutorials regarding trends, trend reversals, ranges & much much more!
Thanks Traders & I hope this was helpful! I will be updating this idea after we get more price action. As of right now, I remain bearish until one of the levels on the charts above are violated.
