Broadening top formation on Gold is breaking down. 1440 soon?
Gold was chopping around in this broadening top formation, and ended up breaking it to the downside. We then tested the previous rising support trend line as new resistance, and were rejected. Gold is now trading underneath the previous rising support trend-line, and is hanging on by a little bit to this 1490 support zone. Ultimately I think Gold heads lower toward the prior resistance zone around 1430-1440, which should now act as new support.
Levels to watch:
1490 (Current support zone.)
1430-1440 (Prior resistance zone which should now act as new support.)
Rising support trend-line; watch and see if it continues to act as resistance, or if it is reclaimed as support.
-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk. I am not liable for any incurred losses or financial distress.
Levels to watch:
1490 (Current support zone.)
1430-1440 (Prior resistance zone which should now act as new support.)
Rising support trend-line; watch and see if it continues to act as resistance, or if it is reclaimed as support.
-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk. I am not liable for any incurred losses or financial distress.