Gold Breaks First Major Resistance!
Following on from the previous Gold post, you would have seen that we mentioned that price was
approaching major resistance at $1,557 which was from the high of 4th September 2019.
On the 6th January 2020 price eventually broke through this resistance level confirming a
continuation to the upside. Price also broke out of consolidation and what tends to happen after
consolidation is that price usually forms a strong trend. This does depend on how long the consolidation lasted.
Price is currently showing some signs of weakness as the breakout candle has a long wick above it,
indicating that the sellers are trying to push price back down.
What may happen next is that price may use the previous resistance as support before a continuation to the upside.
Price may also decide to re-enter consolidation and in that case we would need to wait for another breakout
before looking for any long opportunities.
As we currently have positions in this instrument, we are waiting for opportunities to compound and increase
the potential profits this commodity may decide to deliver to us.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
approaching major resistance at $1,557 which was from the high of 4th September 2019.
On the 6th January 2020 price eventually broke through this resistance level confirming a
continuation to the upside. Price also broke out of consolidation and what tends to happen after
consolidation is that price usually forms a strong trend. This does depend on how long the consolidation lasted.
Price is currently showing some signs of weakness as the breakout candle has a long wick above it,
indicating that the sellers are trying to push price back down.
What may happen next is that price may use the previous resistance as support before a continuation to the upside.
Price may also decide to re-enter consolidation and in that case we would need to wait for another breakout
before looking for any long opportunities.
As we currently have positions in this instrument, we are waiting for opportunities to compound and increase
the potential profits this commodity may decide to deliver to us.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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