Gold Price: Daily Chart Review
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Hello friends, today you can review the technical analysis idea on a 1D linear scale chart for Gold.
The chart is self-explanatory. If the price does not hold the multi-year support line, expect downward pressure to test the bottom end of the descending broadening wedge as well as the re-test of the descending parallel channel. The price has made multiple attempts to break out of the 0.786 Fibonacci Retracement level but has failed so far. It may make another attempt if the price is supported by the support trendline. Lastly, the overall multi-year pattern since August 2018 is an ascending broadening wedge which is bearish.
Shown in the chart: Trend line, Support and Resistance Lines, Parallel Channel, Ascending Broadening Wedge, Descending Broadening Wedge, Bear Trap, Bull Trap, Breakout Zones, Fibonacci Retracement and Trend Analysis.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
The chart is self-explanatory. If the price does not hold the multi-year support line, expect downward pressure to test the bottom end of the descending broadening wedge as well as the re-test of the descending parallel channel. The price has made multiple attempts to break out of the 0.786 Fibonacci Retracement level but has failed so far. It may make another attempt if the price is supported by the support trendline. Lastly, the overall multi-year pattern since August 2018 is an ascending broadening wedge which is bearish.
Shown in the chart: Trend line, Support and Resistance Lines, Parallel Channel, Ascending Broadening Wedge, Descending Broadening Wedge, Bear Trap, Bull Trap, Breakout Zones, Fibonacci Retracement and Trend Analysis.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
Note
Approaching the multi-year support line. Let's see where this goes.Note
Beautifully bounced off of the support line. Next stop may be the 0.786 fib level.Note
GOLD: Incredible chart prediction!
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