Hey, traders. Hope you guys having nice day.
In this time we gonna check Gold chart, Let's see quickly.
We can see
1. the price break through middle line of the desceding channel.
2. bottom line of the descending channel is on 1550.
3. middle line of the descending channel is on 1640.
We should check
Wednesday - Fed Chair Powell Speaks, ECB President Lagarde Speaks
Thursday - US GDP (QoQ) (Q2), Canada GDP (MoM) (Jul)
Friday - Britain GDP (QoQ), Core PCE Price Index (YoY) (Aug)
We can expect
1. the price keep falling to 1550 which is on the bottom of the descending channel.
2. jumping up by support on 1550 to middle line of the descending channel.
By breaking the box pattern and descending channel, gold price getting pressure to drop.
It will be favorable to have short postion from 1640 ~ 1550 and we may be able to have a chance to long position on 1550. (1550 will be bottom price, accroding to our chart.)
Let's see how it moves.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
In this time we gonna check Gold chart, Let's see quickly.
We can see
1. the price break through middle line of the desceding channel.
2. bottom line of the descending channel is on 1550.
3. middle line of the descending channel is on 1640.
We should check
Wednesday - Fed Chair Powell Speaks, ECB President Lagarde Speaks
Thursday - US GDP (QoQ) (Q2), Canada GDP (MoM) (Jul)
Friday - Britain GDP (QoQ), Core PCE Price Index (YoY) (Aug)
We can expect
1. the price keep falling to 1550 which is on the bottom of the descending channel.
2. jumping up by support on 1550 to middle line of the descending channel.
By breaking the box pattern and descending channel, gold price getting pressure to drop.
It will be favorable to have short postion from 1640 ~ 1550 and we may be able to have a chance to long position on 1550. (1550 will be bottom price, accroding to our chart.)
Let's see how it moves.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
