GOLD Facing Descending Trendline resistance. Likely to Break It
Oh the crucial 1370 level that is preventing the yellow metal from going any further up. already tested more than 8 times in the monthly this barrier remains a concrete resistance for the yellow metal rally. Now looking at this, GOLD is most likely set to accelerate towards that crucial resistance again, but will it break it this time and rally northwards? it remains to be seen but at the moment we have a strong feeling that the 1370 level will be tested again in the near coming weeks and so why not take the advantage of this available chance first
Have a look at the main chart that displays the weekly charts for the yellow metal. The price seems to be stuck in a triangle AGAIN and its facing the descending trendline resistance that needs to be broken so the price can go towards the 1370 level. Fundamentally this has high chance of happening as the pressure on USD mounts and SAFE HAVEN assets such as gold itself are being sought out heavily during this period. Technically however its best to wait until the price convincingly breaks the trendline and slightly retrace it before we opt to go LONG on this pair
The above chart snapshot represent the yellow metal daily chart. as it can be seen there is a broadening top forming on daily charts and the price is already at the top ascending trendline suggesting that its ready to pull slightly down before making its move up again. taking all this into consideration we will patiently wait for the technical analysis to be in our favour before executing this trade.
shall there be any trade entries i will post in a new thread with all the details. This is just purely analysis for the purpose of future signal.
Have a look at the main chart that displays the weekly charts for the yellow metal. The price seems to be stuck in a triangle AGAIN and its facing the descending trendline resistance that needs to be broken so the price can go towards the 1370 level. Fundamentally this has high chance of happening as the pressure on USD mounts and SAFE HAVEN assets such as gold itself are being sought out heavily during this period. Technically however its best to wait until the price convincingly breaks the trendline and slightly retrace it before we opt to go LONG on this pair
The above chart snapshot represent the yellow metal daily chart. as it can be seen there is a broadening top forming on daily charts and the price is already at the top ascending trendline suggesting that its ready to pull slightly down before making its move up again. taking all this into consideration we will patiently wait for the technical analysis to be in our favour before executing this trade.
shall there be any trade entries i will post in a new thread with all the details. This is just purely analysis for the purpose of future signal.
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