GOLD has been moving within a rising parallel channel. And recently price just pulled back sharply from the channel’s top and touched the lower boundary, where it was strongly rejected. That rejection wick indicates that buyers stepped in already.
If momentum picks up again, the channel top could even break and extend the rally further. I would target the top of the channel, taking into account the market context, it's achievable.
The risk, however, comes if price closes strongly below the channel’s lower boundary. In that case, the bullish structure breaks and the move could start downwards short term.
If momentum picks up again, the channel top could even break and extend the rally further. I would target the top of the channel, taking into account the market context, it's achievable.
The risk, however, comes if price closes strongly below the channel’s lower boundary. In that case, the bullish structure breaks and the move could start downwards short term.
Trade active
Trade closed: target reached
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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.