As I
thought it would Gold reached the resistance at $1,214, which coincides with
the (MA)89 indicator on the daily time-frame and even moved slightly above it, reaching a new high at $1,218 but then it bounced off that level after forming a
hanging man candlestick on the four-hour time-frame. The precious metal’s
retracement appears to be relatively brief, because it could not break below
the support at $1,197, and it has formed an inverted hammer candlestick and a
spinning top candlestick above that level. Gold will likely continue moving to
the upside to once again test the aforementioned resistance at $1,214 - $1,218.
A continuation of the bullish trend will be confirmed after a breakout above
that resistance.
It's bearish for now.
ReplyDeleteNice pullback, trend is still bullish.
ReplyDeleteBullish trend might continue.
ReplyDeleteIts really going sideways but it remains bullish in the mid-term.
ReplyDelete