The bears had their time over the last couple days with no significant drop . Gold bounced from some strong support levels, indicating the bulls are still in control.
Price is currently in a consolidation zone between 1580-1640 and may stay within this range for some time before a breakout occurs. It will test the 1640 level next and if it breaks past, we could see a run to test 1700 again.
Outlined are two bullish pennant patterns.
Key support outlined with solid blue lines, key resistance in solid red lines.
Overall, looking like the bulls have maintained control, also due to strong underlying fundamentals.
What are your thoughts? Make sure to follow for more!
Price is currently in a consolidation zone between 1580-1640 and may stay within this range for some time before a breakout occurs. It will test the 1640 level next and if it breaks past, we could see a run to test 1700 again.
Outlined are two bullish pennant patterns.
Key support outlined with solid blue lines, key resistance in solid red lines.
Overall, looking like the bulls have maintained control, also due to strong underlying fundamentals.
What are your thoughts? Make sure to follow for more!
Comment:
First resistance level passed and target level #1 hit, staying in
Comment:
Profit target #2 hit. Make sure to follow for more great ideas!
Comment:
Profit target #3 hit!!!! Keeping a runner for more profits!!
Trade closed: target reached:
Profit reached and trades closed. Here is an update of my gold outlook:
