Gold| A rise from support level after consolidation!
Traders,
Gold has reached a strong support level and we already saw a reaction from that support level yesterday where we witnessed a 2.2% rebound in the yellow metal. I believe Gold is nearing its point of reversing seeing that it is already showing a sign of a bullish reversal pattern around the support level. To trade Gold, I will either wait for a push to do the downside and look for bullish confirmation on lower timeframe or wait for the pattern to be violated to the top.
To support this move I also notice that the dollar index is printing a bearish continuation pattern which I think the index is trying to tell us that the bearish impulse that began recently is not over. It is more likely that we see another move to the downside. With this said, Gold will do the opposite, after the violation of the bullish pattern I expect it to rise and next resistance is seen at around 1785.
Do you think Gold will rise from this support zone? Please share your thoughts in the comment section below.
Do also support my work with likes. I will highly appreciate it.
Gold has reached a strong support level and we already saw a reaction from that support level yesterday where we witnessed a 2.2% rebound in the yellow metal. I believe Gold is nearing its point of reversing seeing that it is already showing a sign of a bullish reversal pattern around the support level. To trade Gold, I will either wait for a push to do the downside and look for bullish confirmation on lower timeframe or wait for the pattern to be violated to the top.
To support this move I also notice that the dollar index is printing a bearish continuation pattern which I think the index is trying to tell us that the bearish impulse that began recently is not over. It is more likely that we see another move to the downside. With this said, Gold will do the opposite, after the violation of the bullish pattern I expect it to rise and next resistance is seen at around 1785.
Do you think Gold will rise from this support zone? Please share your thoughts in the comment section below.
Do also support my work with likes. I will highly appreciate it.
