The gold has broken above the key price of 1300 soon after it has broken above a 3-month falling trendline.
The trend has clearly turned bullish brought forth by a significantly bull strength.
Since the price broke above 1300, it fell into a consolidation yesterday and the price continues to retrace lower.
A retracement channel has been plotted to determine the end of the retracement which can be seen right at a rising trendline and the breaking point of 1290.
Thus, wait for the price to complete the retracement channel and look for buy opportunity at the bottom around 1290.
The trend has clearly turned bullish brought forth by a significantly bull strength.
Since the price broke above 1300, it fell into a consolidation yesterday and the price continues to retrace lower.
A retracement channel has been plotted to determine the end of the retracement which can be seen right at a rising trendline and the breaking point of 1290.
Thus, wait for the price to complete the retracement channel and look for buy opportunity at the bottom around 1290.
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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.
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.