It's been about two weeks now since gold went against everyone's assumption and rose higher instead of selling into the demand zone below.
Looking at the trend channel on a higher timeframe I can kinda see why.
Gold has twice before broke through the minor resistance and reaching levels at the major, higher timeframe resistance before selling back down through the minor and the major support.
Since higher timeframe is overall bearish, we have rejected minor resistance and are now at major resistance, my analysis is that we will be overall bearish on Gold and will be looking to open two shorts when markets open.
TP1: At minor support ~ 1:2 RRR
TP2: At old low previously created ~ 1:4 RRR
Looking at the trend channel on a higher timeframe I can kinda see why.
Gold has twice before broke through the minor resistance and reaching levels at the major, higher timeframe resistance before selling back down through the minor and the major support.
Since higher timeframe is overall bearish, we have rejected minor resistance and are now at major resistance, my analysis is that we will be overall bearish on Gold and will be looking to open two shorts when markets open.
TP1: At minor support ~ 1:2 RRR
TP2: At old low previously created ~ 1:4 RRR