I am updating my past Gold idea. As you may remember, we said that the price will come to support before starting to rise.
The price really started and is now in the support zone at 1869.85. The chart shows that since August the price has served as a "buffer" for the price. Stopping falls and slowing growth.
However, it should be borne in mind that last week the price received support from the 2019 line, bouncing off it at point 1823.88. The line strength was enough to break through the support zone and rise to the resistance. Therefore, the probability that the price will suddenly collapse and break through the support zone once again during the fall is very small.
So I continue to expect that after the price has touched off the bounced off the support zone, it will start to rise. In this case, the target should be looked for at the resistance line 1904.51.
This is also a pretty good position to open a buy trade. I will never tire of reminding you of the importance of SL. In this situation, we can put it below the support zone.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Lingrid maybe today asia session push up Gold to 1904. After will drop. But 1885 is an important resistance too we must have carefull, many attention, we can have a 20p retrace there to 1865 and after 1904.
Lingrid
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@miketiger, thank you for sharing the news)
do you thinl there will be a refund?
miketiger
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@Lingrid, we have a pick high formation at 3 sessions ago, and since than drops, creating a lowterm downtrend . You can see that we have a diary down channel 1900-1904 is the top of that. we are creating a new down channel on 4h chart. Technical perspective i see down, but fundamentals are very strong, and you can saw that the last Asia Sessions push up the gold. I think there is a mix. By fundamentals is for up, by AT must drop before return to new highs. My idea is if breaks 1885, can go to 1900-1904, after drops and retest 1865 area, before new bullish channel. But on diary, gold is Bullish and weekly is sending signals for up. On 4h still bearish. Less than 1843.75 bearish, above 1906.25 bullish. Beetween this 2 numbers, is dificult to see the new trend. Is confuse.
We must call bulls, but we need to go above 1900 for that.
I like more your actual Graph.
$1850'ish a strong support line, It should hold and take a support at that level.. There are NO adverse News for GOLD other than USD unusual/surprise strengthening!! Higher Highs and Higher Lowes in the Dec. month .. This is promising going into the new year!