Gold strength unsustainable, may face a retracement or reversal
In our previous post, we have mentioned that a break out of the 1679 region can push price towards 1730.
Price has now broke out of the major resistance region but this momentum is unsustainable and will likely experience a retracement. In pattern trading, it is unsustainable for price to begin reversal from the support level and straight breaking out of the resistance level. The 1709 support region will act as a crucial support level as any breakout towards the downside would likely push Gold below the 1700 region. As such, any reversal confirmation of the 1709 support can provide a potential long entry for people who missed out.
Price has now broke out of the major resistance region but this momentum is unsustainable and will likely experience a retracement. In pattern trading, it is unsustainable for price to begin reversal from the support level and straight breaking out of the resistance level. The 1709 support region will act as a crucial support level as any breakout towards the downside would likely push Gold below the 1700 region. As such, any reversal confirmation of the 1709 support can provide a potential long entry for people who missed out.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.