The price of gold is still pretty close to previous support level (now resistance). If you are bullish watch for resistance breakout. If you are bearish try to find the best sell entry around resistance level.
The price is moving below the daily trendline (blue), retesting the previous support 1, which has now become resistance. If you are bearish, look for support 2 as the profit target. For bulls, the first resistance is the blue trendline.
If you take a look at the gold on the H4 time frame, it is obvious that the price has broken support. It may retest this level again, but in the short term, the next support level for bearish traders is support level 2.
If you are trading EUR/USD, you should keep an eye on these levels. The blue line represents the first support level. The price is currently between the first resistance (red line) and the channel support. If you are bullish, the top red line should be considered as an exit point.
The gold price has been going sideways for weeks. The market is still unsure whether the price will attempt to reach an all-time high soon or if it will lose its grip and turn bearish. From a technical perspective, everything is indicating a short position.
What is the Double Bottom Pattern The Double Bottom is a multiple candlestick chart pattern that forms at the end of a downtrend and indicates that a bullish reversal is taking place. This pattern consists of four candlesticks. Understanding the Double Bottom Pattern The Double Bottom candlestick pattern consists of four candlesticks. The first candlestick …
Gold has been trading sideways between Support 1 and resistance for two weeks. If you are bullish, you should look for a breakout above the resistance 1 price level. If you are bearish, check the support 1 price level for an exit. If the price breaks out of Support 1, the next stop is around …