In current week Gold went through a roller coaster ride where after the breakout form a major bearish trendline at 4030, it retested the level 4166 and again returned back the 4022, structurally gold seems to be moving within a ascending channel, currently taking support of lower boundary, bounce is expected following to which price might retest the significant resistance zone.
However breaking of the channel below the level of 4022 can lead for deeper corrections as trend on the higher timeframe remain bearish.
If you look at the overall structure it might seem like gold forming a double bottom (a bullish reversal pattern), whose neckline is at 4200 on higher timeframes.
support & resistance levels are:
S1: 4022
S2: 3960
S3: 3900
R1: 4082
R2: 4166
R3: 4200
For Educational Purposes only, Not an Investment Advice, Always use strict Risk management measures.
Regards CrazyTrades247.
However breaking of the channel below the level of 4022 can lead for deeper corrections as trend on the higher timeframe remain bearish.
If you look at the overall structure it might seem like gold forming a double bottom (a bullish reversal pattern), whose neckline is at 4200 on higher timeframes.
support & resistance levels are:
S1: 4022
S2: 3960
S3: 3900
R1: 4082
R2: 4166
R3: 4200
For Educational Purposes only, Not an Investment Advice, Always use strict Risk management measures.
Regards CrazyTrades247.
Join Telegram Channels for more Trades ideas 🧿
🟢For Forex and International Commodities
t.me/CrazyTrades247_FX_International
Connect us
+91-9238387447
crazytrades247@gmail.com
🟢For Forex and International Commodities
t.me/CrazyTrades247_FX_International
Connect us
+91-9238387447
crazytrades247@gmail.com
Verbundene Veröffentlichungen
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Join Telegram Channels for more Trades ideas 🧿
🟢For Forex and International Commodities
t.me/CrazyTrades247_FX_International
Connect us
+91-9238387447
crazytrades247@gmail.com
🟢For Forex and International Commodities
t.me/CrazyTrades247_FX_International
Connect us
+91-9238387447
crazytrades247@gmail.com
Verbundene Veröffentlichungen
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.