Gold is confused with Bollinger squeeze forming in Daily chart
Hello Traders ,
In this educational post we will be looking at daily chart of gold as on 16 july ,
We can see that moving averages are pointing strongly north which means that bullish strength has not wained yet , but inability to move higher above 1430 has formed a consolidation pattern above 1400 , while we are awaiting for breakout it is expected that we will witness pullback towards 20DMA in either case because of characterstic Bollinger squeeze which we are watching in daily chart , If price moves higher we will see strong resistance from bollinger upper band which is closing , where as on bearish breakout we have all moving averages pointing up and also lower bollinger band closing in from bottom.
To know more about bollinger squeeze and how to trade them contact us , follow us for more trade ideas ..
In this educational post we will be looking at daily chart of gold as on 16 july ,
We can see that moving averages are pointing strongly north which means that bullish strength has not wained yet , but inability to move higher above 1430 has formed a consolidation pattern above 1400 , while we are awaiting for breakout it is expected that we will witness pullback towards 20DMA in either case because of characterstic Bollinger squeeze which we are watching in daily chart , If price moves higher we will see strong resistance from bollinger upper band which is closing , where as on bearish breakout we have all moving averages pointing up and also lower bollinger band closing in from bottom.
To know more about bollinger squeeze and how to trade them contact us , follow us for more trade ideas ..