Lower High on GOLD, 6 Green Days
Hi Folks:
GOLD
With the closing of yesterday's GOLD session we have had so far 6 green daily candles in a row.
From the bottom of the channel suport trendline (green lines) to the top we have had a total of 110 bucks rally and if we consider the beginning of the channel we are talking of almost of 150 bucks (since 1720).
Being said that, in spite of high inflation and bullish fundamentals, it is about time to have a correction on GOLD.
We are still trading above the main EMA lines and so far bulls are in control yet.
The idea remains unchanged from the previous one with a possible retest of the high till 1871 and in the event that we hit 1871 I believe it could trigger a fast correction.
We are entering an overbought area.
Cheers.
********************************************
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GOLD
With the closing of yesterday's GOLD session we have had so far 6 green daily candles in a row.
From the bottom of the channel suport trendline (green lines) to the top we have had a total of 110 bucks rally and if we consider the beginning of the channel we are talking of almost of 150 bucks (since 1720).
Being said that, in spite of high inflation and bullish fundamentals, it is about time to have a correction on GOLD.
We are still trading above the main EMA lines and so far bulls are in control yet.
The idea remains unchanged from the previous one with a possible retest of the high till 1871 and in the event that we hit 1871 I believe it could trigger a fast correction.
We are entering an overbought area.
Cheers.
********************************************
Remember, if you liked this idea don't forget to click LIKE and FOLLOW. That will encourage me to continue charting for you.
