Having broke out with impulse from the contracting triangle GOLD has impulsed out of the greyed trading ranges to pierce through my first fib target.
Bollinger bands are set to 3 standard deviations as as you can see price is above upper band. And that can somewhat be expected because price is realising that effect of the cause - the contracting triangle. However I think there is a good chance that there pull back coming here, especially if the weekly closes below the fib @ $1958.
This 50WMA provided great support for this breakout and has been significant in many S/R reversals. If price did pull back there it could be a golden opportunity (pun intended 😄) I think.
Not advice.
Bollinger bands are set to 3 standard deviations as as you can see price is above upper band. And that can somewhat be expected because price is realising that effect of the cause - the contracting triangle. However I think there is a good chance that there pull back coming here, especially if the weekly closes below the fib @ $1958.
This 50WMA provided great support for this breakout and has been significant in many S/R reversals. If price did pull back there it could be a golden opportunity (pun intended 😄) I think.
Not advice.
Note
Wow thats a very long wicked star through the fib and back down down under those significant resistances. Very good chance GOLD gets back down to the 50WMA and rising trendline.
Your FA guru can't read a chart💭
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Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.