This should be considered as a warning and If You want to trade this then with low risk because the breakout is a counter trade.
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CHEERS!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
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Perfect! Target 1 already done and heading into the second target! Cheers!
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We are in the target 2. area!
A bit longer view point: From 2011 the gold price started the downtrend and the break downwards from the counter trendline on the last year 2018 and it will be a sign that we may go down even more because this could be a textbook example, break the counter trendline (green line) and currently we retest it which is a perfect sell opportunity but also we have made since 2015 higher lows which will be a slight bullish sign but definitely, we have important times ahead because we have some mixed signs on the chart.
I can expect only mid-term and this could be bearish and actually, this crossing area between the TWO MAJOR trendlines make this area superstrong so, it looks like a perfect sell setup!! Long-term, as said, a bit mixed!
@patilan, just a quick view shows a continuation pattern Cup and Handle has starting to form which will be a long-term bullish sign!
As mentioned, quick review!!
Cheers!
patilan
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@VaidoVeek, well, I am very bearish on Gold. After an exponential 5th that ended in 2011. the bottom is no where near.
VaidoVeek
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@patilan, Yes, from 2011 the gold price started the downtrend and the break downwards from the counter trendline on the last year 2018 will be a sign that we may go down even more because this could be a textbook example, break the counter trendline (green line) and currently we retest it which is a perfect sell opportunity. But also we have made since 2015 higher lows which will be a slight bullish sign but definitely, we have important times ahead because we have some mixed signs on the chart.
I can expect only mid-term and this could be bearish and actually, this crossing area between the two MAJOR trendlines makes this area superstrong so, it looks like a perfect sell setup!! Long-term, as said, a bit mixed!
Sorry for the superficial analysis previously!