Hello everyone, if you like the idea, you can support with a like and a follow.
Gold made a beautiful double bottom reversal pattern before it closes on Friday.
Also we are seeing a nice W pattern that formed with a target of 1815$ (our short term target).
But we are seeing that the green trend line is holding us on a down trend for a while now, so it's important to break it and retest it successfully for an uptrend continuation.
A long term target will be the 0.618 (1850$) fib level (Only on a successful rebound and breakage of the downtrend) drawing it from the second top that we start falling.
Something very important on the chart is the 1675$ support to hold for an upside continuation.It has been hited already 2 times so if you see the price action weakening and alerts a possible third retest better cut your long position.
Red lines on the chart are important Support and Resistances.
Don't forget to protect yourself with low leverage and wide stops.
Information provided is only educational and should not be used to take action in the market !
Feel free to ask anything in the comments or send me a message !
Thank you for reading my post, have a great day, wish you all the best !
Gold made a beautiful double bottom reversal pattern before it closes on Friday.
Also we are seeing a nice W pattern that formed with a target of 1815$ (our short term target).
But we are seeing that the green trend line is holding us on a down trend for a while now, so it's important to break it and retest it successfully for an uptrend continuation.
A long term target will be the 0.618 (1850$) fib level (Only on a successful rebound and breakage of the downtrend) drawing it from the second top that we start falling.
Something very important on the chart is the 1675$ support to hold for an upside continuation.It has been hited already 2 times so if you see the price action weakening and alerts a possible third retest better cut your long position.
Red lines on the chart are important Support and Resistances.
Don't forget to protect yourself with low leverage and wide stops.
Information provided is only educational and should not be used to take action in the market !
Feel free to ask anything in the comments or send me a message !
Thank you for reading my post, have a great day, wish you all the best !