Gold.. Bullish or Bearish?
Support level 1240.00 is the key answer for this question.
The price structure forms a triangle that can be both continuation and reversal pattern, depending on the which side it will breakout form. However, the price action within the triangle itself may indicate the direction of the breakout.
Bullish, if it managed to rebound off support level 1240.00 and go beyond 1350.00
Bearish, if it broke 1240.00. Only then we would see a bearish signal in RSI as well.
The price structure forms a triangle that can be both continuation and reversal pattern, depending on the which side it will breakout form. However, the price action within the triangle itself may indicate the direction of the breakout.
Bullish, if it managed to rebound off support level 1240.00 and go beyond 1350.00
Bearish, if it broke 1240.00. Only then we would see a bearish signal in RSI as well.
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