Gold broke out of a recent uptrend to form a correction through positive US data and peace strategies in Gaza.
Price now finds itself hovering around 1990 with a level of resistance above in the region of 1991-1993. Price on the 4hour has also pushed lower to push off the 50/55 moving averages, prompting a possible double top on the cards.
BULLS PLAN:
- Push through this key level of resistance above and kick off a role reversal (change of character) to test highs int he 2010 region
- Watch for entries when this level is broken as currently price is too high currently to enter longs ad price moves into resistance. HIGH RISK
BEARS PLAN:
- Wait for price to reach the resistance level above around 1991-1993 and look for rejection candles
- Lower time frame charts (1m/5m/15m) for price action entry (double tops/lower lows)
- Targets medium to long term will be 1950 region
Price now finds itself hovering around 1990 with a level of resistance above in the region of 1991-1993. Price on the 4hour has also pushed lower to push off the 50/55 moving averages, prompting a possible double top on the cards.
BULLS PLAN:
- Push through this key level of resistance above and kick off a role reversal (change of character) to test highs int he 2010 region
- Watch for entries when this level is broken as currently price is too high currently to enter longs ad price moves into resistance. HIGH RISK
BEARS PLAN:
- Wait for price to reach the resistance level above around 1991-1993 and look for rejection candles
- Lower time frame charts (1m/5m/15m) for price action entry (double tops/lower lows)
- Targets medium to long term will be 1950 region
