Short
Gold limited buying as we move lower to the confluence area of $
Looking at the daily chart, we can see the lack of clear direction in Gold. The relative strength index (RSI) is trading close to 50 highlighting range trading. The weekly chart shows a doji-style candle (indecision) followed by inside harami.
This indecisive price action has resulted in a corrective channel formation being posted on the intraday chart. Trendline resistance is located at $1,992. Trend line support is located at $1,944.
We also have the completion of a cypher pattern known as a Bat formation at $1944.
Bespoke resistance today is located at $1,962 and $1963. I look for limited buying pressure before sellers return to take us down to the $1,944 confluence zone.
This indecisive price action has resulted in a corrective channel formation being posted on the intraday chart. Trendline resistance is located at $1,992. Trend line support is located at $1,944.
We also have the completion of a cypher pattern known as a Bat formation at $1944.
Bespoke resistance today is located at $1,962 and $1963. I look for limited buying pressure before sellers return to take us down to the $1,944 confluence zone.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.