Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
Gold has been overall bullish trading inside the rising channel in red and it is currently retesting the lower red trendline.
Moreover, the orange zone is a previous major high turned into a potential support.
🏹 So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the orange support and red brown trendline. (acting as non-horizontal support)
As per my trading style:
As GOLD is sitting around the lower the purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
UNLESS the lower red trendline is broken downward, then the bears would take over for a deeper correction.
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Gold has been overall bullish trading inside the rising channel in red and it is currently retesting the lower red trendline.
Moreover, the orange zone is a previous major high turned into a potential support.
🏹 So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the orange support and red brown trendline. (acting as non-horizontal support)
As per my trading style:
As GOLD is sitting around the lower the purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
UNLESS the lower red trendline is broken downward, then the bears would take over for a deeper correction.
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich