1 hr analysis and Trade Ideas for Gold!
Last week, a trend line was created pushing price up. It is connected at the top to the weekly high and at the bottom to the weekly low.
Looking at the recent candles beginning with the yellow circle.
There are three large bullish candles. These are followed by a Bearish Engulfing, another smaller bearish candle, and a doji.
This doji happens at about the 50% Fibb level. Following this is a Bullish Englufing-although, a very small one.
Trade Ideas:
I think Gold would like to push back up to the 1729 level at some point.
Price could push up and above if there is a strong close above and volume. Also, Bullish fundamentals will help.
On the other hand, If price closes below this trend line, it has potential to go back below 1700 again.
Looking at the recent candles beginning with the yellow circle.
There are three large bullish candles. These are followed by a Bearish Engulfing, another smaller bearish candle, and a doji.
This doji happens at about the 50% Fibb level. Following this is a Bullish Englufing-although, a very small one.
Trade Ideas:
I think Gold would like to push back up to the 1729 level at some point.
Price could push up and above if there is a strong close above and volume. Also, Bullish fundamentals will help.
On the other hand, If price closes below this trend line, it has potential to go back below 1700 again.
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