Bearish clues:
- General downtrend since beginning of June (almost 1 month)
- 21 exponential moving average still below 50 exponential moving average
- Squeeze pattern on Bollinger Bands => explosion (generally in the direction of the trend
- Price reached the middle of the Andrews' Pitchfork
- Symmetrical triangle in a downtrend (continuation chartist pattern)
Objective:
If the Gold breaks down the symmetrical triangle, it could reach the level of 1,740 USD, which corresponds to the objective of the symmetrical triangle and a historical oblique bullish support. You can also wait for a pullback on the symmetrical triangle if it is confirmed.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- General downtrend since beginning of June (almost 1 month)
- 21 exponential moving average still below 50 exponential moving average
- Squeeze pattern on Bollinger Bands => explosion (generally in the direction of the trend
- Price reached the middle of the Andrews' Pitchfork
- Symmetrical triangle in a downtrend (continuation chartist pattern)
Objective:
If the Gold breaks down the symmetrical triangle, it could reach the level of 1,740 USD, which corresponds to the objective of the symmetrical triangle and a historical oblique bullish support. You can also wait for a pullback on the symmetrical triangle if it is confirmed.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
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It went right down but finally went up ...