Gold hitting resistance
Gold is at an interesting confluence cluster currently.
1807 (yellow) has been a strong support and resistance area since May 2022 and continues to be now.
Price is also trading around the 200 Daily SMA (red).
The 100 and 50 Daily SMA (green) are about to cross wich is generally considered to be a bullish signal. However, since the cross is happening below the 200 Daily SMA, it takes away from the bullishness slightly.
Pattern-wise, we are seeing higher lows with the most recent price action while the price keeps pushing into 1807. Last week, we saw a breakout attempt above 1807 which was rejected strongly.
Bullish: when price gets above 1807, the this would turn Gold into a bullish chart.
Bearish: A break below the yellow trendline would lead to short-term bearishness until price hits the next yellow support which also coincides with the 100 and 50 SMA cluster.
1807 (yellow) has been a strong support and resistance area since May 2022 and continues to be now.
Price is also trading around the 200 Daily SMA (red).
The 100 and 50 Daily SMA (green) are about to cross wich is generally considered to be a bullish signal. However, since the cross is happening below the 200 Daily SMA, it takes away from the bullishness slightly.
Pattern-wise, we are seeing higher lows with the most recent price action while the price keeps pushing into 1807. Last week, we saw a breakout attempt above 1807 which was rejected strongly.
Bullish: when price gets above 1807, the this would turn Gold into a bullish chart.
Bearish: A break below the yellow trendline would lead to short-term bearishness until price hits the next yellow support which also coincides with the 100 and 50 SMA cluster.
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> Free weekly trading webinar: tradeciety.com/webinar/
> Free blog: tradeciety.com/blog
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