GOLD - TECHNICAL ANALYSIS ON WHAT TO EXPECT - CryptoManiac101
GOLD / USD TA
We have been tracking GOLD down this descending channel for quite a while now. Automatically you would turn bearish on it due to no convincing close and rejection above resistance which means that if you're a bear, you would start targeting 1250 zones for possible re-entry.
Nevertheless, if you take a 'fractal' approach here, we will see that back in March/May we've observed nearly similar pattern which actually resulted in a strong upward break away from the descending channel and general resistance. Can we observe something similar this time around? Possibly however I would not bet LONG or SHORT until we see a close below or above the descending channel.
We have been tracking GOLD down this descending channel for quite a while now. Automatically you would turn bearish on it due to no convincing close and rejection above resistance which means that if you're a bear, you would start targeting 1250 zones for possible re-entry.
Nevertheless, if you take a 'fractal' approach here, we will see that back in March/May we've observed nearly similar pattern which actually resulted in a strong upward break away from the descending channel and general resistance. Can we observe something similar this time around? Possibly however I would not bet LONG or SHORT until we see a close below or above the descending channel.
