If gold is on an uptrend, there are two cases.
1. Zig-Zag Pattern
2. Running flat pattern
Gold may continue to rise as the daily uptrend has not ended. If there is a retracement from above, the weekly demand zone is created above the red circle, so it can gain support and lead to another weekly uptrend.
Conversely, if the weekly demand zone is created under the red circle, there is a high possibility of a decline.
The line circled in red is a very important line, so the price must stay above it to act as a strong support line.
1. Zig-Zag Pattern
2. Running flat pattern
Gold may continue to rise as the daily uptrend has not ended. If there is a retracement from above, the weekly demand zone is created above the red circle, so it can gain support and lead to another weekly uptrend.
Conversely, if the weekly demand zone is created under the red circle, there is a high possibility of a decline.
The line circled in red is a very important line, so the price must stay above it to act as a strong support line.
Zlecenie aktywne:
The second 4-hour uptrend pattern was broken, but a reversal pattern emerged again. So, the uptrend is likely to continue. Even if a correction comes, it's good to look for a buying opportunity. The best buying opportunity is when the current uptrend ends and a correction ends near the weekly demand zone before riding a new wave.