In correction to my previous analysis in which I miss-used the pattern called "bullish pennant", I now show a trend line acting as resistance for Gold in the range between 1208 and 1214.
The idea is to trade the breakout of this trend line as it has been an important zone of resistance for Gold for past weeks.
See also a major trend line on the Weekly chart and appreciate how the market has respected it.
Price failed to form a double bottom at yearly lows between 1160s and 1170s.
The breakout of a key pivot point between 1193.00 and 1195.00 is also a sign that there might be intentions of a change in trend.
Is this a good opportunity to buy and hold Gold?
Best of luck!
The idea is to trade the breakout of this trend line as it has been an important zone of resistance for Gold for past weeks.
See also a major trend line on the Weekly chart and appreciate how the market has respected it.
Price failed to form a double bottom at yearly lows between 1160s and 1170s.
The breakout of a key pivot point between 1193.00 and 1195.00 is also a sign that there might be intentions of a change in trend.
Is this a good opportunity to buy and hold Gold?
Best of luck!