Gold, Strong Breakout & New Downtrend Analysis
As you can see from the chart, the big Bearish Candle caused the breakout of both the Bullish Trendline & the long-term Strong Support Area. Bearish Volume is high but the RSI is almost oversold. At this point a new Bearish Parallel Channel can be created.
But can this new channel sustain a new downtrend?
I don't think so. Currently the bears aren't strong enough to take control over the market. Bulls will continue to push the price higher before even hitting the 1240 support zone.
Sky is not the Limit
The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.
But can this new channel sustain a new downtrend?
I don't think so. Currently the bears aren't strong enough to take control over the market. Bulls will continue to push the price higher before even hitting the 1240 support zone.
Sky is not the Limit
The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.
