Gold shortly before trend line
Gold is in good condition.
The price is within the green ascending trend channel, above fib retracement (78.6%) and below the long descending trend line (coming from 2013).
It´ll be not easy to break this resistance, causing a new uptrend. Next resistance is already at 1.375$ (fib retracement 100).
As long as Gold stays within the channel, the trend is active.
The support at 1.322$ is relatively strong. It is also a swing trend line.
With a little more momentum Gold should be able to break through the resistance. Perhaps the momentum will come from the cryptos and stocks?
buy: above fib retracement 100 (1.375$)
stop: below fib retracement 61.8%, also swing trend line and lower limit of trend channel!
The price is within the green ascending trend channel, above fib retracement (78.6%) and below the long descending trend line (coming from 2013).
It´ll be not easy to break this resistance, causing a new uptrend. Next resistance is already at 1.375$ (fib retracement 100).
As long as Gold stays within the channel, the trend is active.
The support at 1.322$ is relatively strong. It is also a swing trend line.
With a little more momentum Gold should be able to break through the resistance. Perhaps the momentum will come from the cryptos and stocks?
buy: above fib retracement 100 (1.375$)
stop: below fib retracement 61.8%, also swing trend line and lower limit of trend channel!