Lets first take a look at Gold price action way back. We can gold has been following this trend lines closely as it heads up, with some breakouts along the way but still managed to move back in trend. Lets first look at the first time gold broke out of this trend line (Orange Area). Interestingly enough, we are seeing a very similar price movement as the previous breakout from this trend line as we saw a higher bottom as it was moving back in trend. Likewise, currently we saw a breakout upwards and we saw a lower high forming, signalling to us that a potential movement back in trend is likely. For now, I see a good short opportunity to the trend support level (dotted line) also a level of support at 1895 price level before we start seeing BULLISH continuation.
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!
