Gold is trying to reverse the downtrend, But will it succeed?
Currently gold is still in it's downtrend, but there are signs of it's tendency to reverse this pattern.
1) price has reached the 200EMA and is trying to cross it upward.
2) by using Ichimoku cloud, we see tenken has crossed kijun upward but price is inside the cloud.
3) we have a strong demand zone in 1680.
4) we have a strong supply zone in 1860.
5) price has broken out of downtrend channel but a pullback is expected.
with these in mind these scenarios are possible:
1) after pullback and crossing 200EMA, reaching 1860 as first target (next targets are shown on the chart).
2) not being able to cross 200EMA and entering the channel again, hitting around 1650 price.
3) bull-bear fight between 1680 and 1860 for some time.
between above scenarios, the first one is more likely, but as a good trader who is playing by the rules and wants to stay in the game, we should wait for pullback and volume confirmation.
Good Luck
1) price has reached the 200EMA and is trying to cross it upward.
2) by using Ichimoku cloud, we see tenken has crossed kijun upward but price is inside the cloud.
3) we have a strong demand zone in 1680.
4) we have a strong supply zone in 1860.
5) price has broken out of downtrend channel but a pullback is expected.
with these in mind these scenarios are possible:
1) after pullback and crossing 200EMA, reaching 1860 as first target (next targets are shown on the chart).
2) not being able to cross 200EMA and entering the channel again, hitting around 1650 price.
3) bull-bear fight between 1680 and 1860 for some time.
between above scenarios, the first one is more likely, but as a good trader who is playing by the rules and wants to stay in the game, we should wait for pullback and volume confirmation.
Good Luck
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