Another fake-out to the downside for GOLD?
Gold is trading in a multi month descending triangle that just broke to the downside, keep in mind this pattern has been moderately adjusted since my last because Gold broke out bullishly to the upside, but has since corrected rather drastically, that was a sneaky fake-out to the upside.
If the green line of support doesn't hold the dark red line below is the next significant support area, and if that dark red line holds Gold will create a similar pattern just larger.
The KST is looking worrisome, as I suggested in my previous post, we have seen the blue downward sloping resistance come into play, I guess the
the next few weeks will determine the final outcome of this pattern if the upward baseline of support holds.
The KST did cross bearishly recently, hence the reason for the green line sharply crossing over the red downward, coinciding with a decrease in price.
The RSI is in a spot where we've seen previous bullish bounces, will history repeat itself? I've placed a green question mark icon to indicate where we will likely see a bounce.
If the green line of support doesn't hold the dark red line below is the next significant support area, and if that dark red line holds Gold will create a similar pattern just larger.
The KST is looking worrisome, as I suggested in my previous post, we have seen the blue downward sloping resistance come into play, I guess the
the next few weeks will determine the final outcome of this pattern if the upward baseline of support holds.
The KST did cross bearishly recently, hence the reason for the green line sharply crossing over the red downward, coinciding with a decrease in price.
The RSI is in a spot where we've seen previous bullish bounces, will history repeat itself? I've placed a green question mark icon to indicate where we will likely see a bounce.
