Afternoon traders,
We are looking at Gold this afternoon which is looking setup for a move back towards 1440 area with multiple support levels coming into play.
As we have highlighted with our trading view chart we have two strands of an ascending support line from the 17th which has been tested on 3 occasions leading to higher lows pattern being formed. Off this longer ascending line a second branch has formed from the open overnight creating a new support branch which has also been tested on 3 occasions.
To the upside we have some resistance around 1432 highlighted in red which is where the upper bound of the channel would be prior to last weeks move up and then back down to within the channel.
Additionally we have similar bullish support structures in play on both RSI and stochastics forming higher lows.
Follow us on tradingview under forexTrdr to get our sample ideas free and immediately - its free to setup a profile and the charting tools and software is easier to use than Meta trader and most broker platforms. Or if you want a free one month signals trial with us please get in touch.
Good luck trading
from the Team at forexTrdr
We are looking at Gold this afternoon which is looking setup for a move back towards 1440 area with multiple support levels coming into play.
As we have highlighted with our trading view chart we have two strands of an ascending support line from the 17th which has been tested on 3 occasions leading to higher lows pattern being formed. Off this longer ascending line a second branch has formed from the open overnight creating a new support branch which has also been tested on 3 occasions.
To the upside we have some resistance around 1432 highlighted in red which is where the upper bound of the channel would be prior to last weeks move up and then back down to within the channel.
Additionally we have similar bullish support structures in play on both RSI and stochastics forming higher lows.
Follow us on tradingview under forexTrdr to get our sample ideas free and immediately - its free to setup a profile and the charting tools and software is easier to use than Meta trader and most broker platforms. Or if you want a free one month signals trial with us please get in touch.
Good luck trading
from the Team at forexTrdr