CFD Oro (US$/OZ)Long
GOLD - Bullish Breakout
GOLD has recently broken the RANGE it has been in for the last couple of weeks.
As you can see via the labels on the chart, GOLD initially produced multiple REJECTIONS from the RESISTANCE.
Eventually, the RESISTANCE was BROKEN, changing from high volume resistance bounces to low volume RANGING.
WE were in this RANGE for a couple of weeks, where I believe that GOLD was accumulating, ready to perform a BIG VOLUME move.
This has now come to fruition as the RANGE has been broken BULLISH, where it's begun to produce HIGH VOLUME candles.
I will be watching to see where it creates a rejection zone as GOLD is currently trading at ALL TIME HIGHS.
As you can see via the labels on the chart, GOLD initially produced multiple REJECTIONS from the RESISTANCE.
Eventually, the RESISTANCE was BROKEN, changing from high volume resistance bounces to low volume RANGING.
WE were in this RANGE for a couple of weeks, where I believe that GOLD was accumulating, ready to perform a BIG VOLUME move.
This has now come to fruition as the RANGE has been broken BULLISH, where it's begun to produce HIGH VOLUME candles.
I will be watching to see where it creates a rejection zone as GOLD is currently trading at ALL TIME HIGHS.
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