Gold, after rallying off 1060 monthly support the instrument set out on somewhat of a medium up term trend.
The market however then ranged into an X-E wave triangle formation which indicates further bullish action. A break of this triangle would lead us back into 1366.65 resistance. Technically, the best to buy!
We have additional long term bearish confluence ahead due to trend lines spanning from 2010 acting as resistance. The trend lines in question would also be touching price action for the third time. Implying the fact that we might third trend line confluence
The market is expecting to rally before commencing its downtrend.
The market however then ranged into an X-E wave triangle formation which indicates further bullish action. A break of this triangle would lead us back into 1366.65 resistance. Technically, the best to buy!
We have additional long term bearish confluence ahead due to trend lines spanning from 2010 acting as resistance. The trend lines in question would also be touching price action for the third time. Implying the fact that we might third trend line confluence
The market is expecting to rally before commencing its downtrend.