GOLD TECHNICAL ANALYSIS
In the Daily Time Frame
Due to the impact of the all time high and resistance zone that started at August 2020, Gold broke the trend line that started at September 2022 and now moving towards the support zone that started at May 2022.
However, if I am to take any trade, I would wait for a retest at the confluence zone of the resistance zone and the support trend line which will then be acting as a resistance trend line, also be a form of double top which would be giving the market some momentum to reverse and move downward to the support zone.
I would be having my entry at around 2066, my stop loss around 2085 and my take profit around 1810.
Comment below to let me know the next chart to analyze next.
Due to the impact of the all time high and resistance zone that started at August 2020, Gold broke the trend line that started at September 2022 and now moving towards the support zone that started at May 2022.
However, if I am to take any trade, I would wait for a retest at the confluence zone of the resistance zone and the support trend line which will then be acting as a resistance trend line, also be a form of double top which would be giving the market some momentum to reverse and move downward to the support zone.
I would be having my entry at around 2066, my stop loss around 2085 and my take profit around 1810.
Comment below to let me know the next chart to analyze next.
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