Gold Technical Analysis: Technical Thriller!
Gold Technical Analysis:
looks pretty interesting, exciting and at a major trade-able juncture.
1)The price of gold has been moving in a sideways bias for the few months, that sideways movement is taking the shape of an inverted head and shoulders bottoming pattern.
2) Gold has tentatively broken a long term descending trend line, i say tentatively cause the trend line is major in terms of old, and thus i prefer to see further stability with at least a monthly closing above it to confirm a trend line break.
3) A multiple bullish divergence on RSI
$) The price is approaching the major horizontal resistance at 1250.00
So whats next: I think there are two ways to trade this level
1) Wait for a confirmation over the daily chart to short 1250 resistance for 1200.00 and 1170.00 levels.
2) Be patient and wait for a weekly closing above 1250, then long for an upside reversal, targets at 1350.00
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My best regards,
Technician
looks pretty interesting, exciting and at a major trade-able juncture.
1)The price of gold has been moving in a sideways bias for the few months, that sideways movement is taking the shape of an inverted head and shoulders bottoming pattern.
2) Gold has tentatively broken a long term descending trend line, i say tentatively cause the trend line is major in terms of old, and thus i prefer to see further stability with at least a monthly closing above it to confirm a trend line break.
3) A multiple bullish divergence on RSI
$) The price is approaching the major horizontal resistance at 1250.00
So whats next: I think there are two ways to trade this level
1) Wait for a confirmation over the daily chart to short 1250 resistance for 1200.00 and 1170.00 levels.
2) Be patient and wait for a weekly closing above 1250, then long for an upside reversal, targets at 1350.00
Guys, please check my new website thefxchannel.com/ , vote and subscribe , thank you...
come join me at twitter.com/thefxchannel
facebook.com/thefxchannel
Google Plus : plus.google.com/+Thefxchannel0/posts
My best regards,
Technician
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