GOLD - Perfect bounce off Support as predicted, 1508 crucial res
- In my previous chart published on gold yesterday I indicated a bullish triangle using a descending trend resistance and ascending trend support here:
- I expected, if gold were to drop that we would encounter support at both the indicated trendline as well as the clear S/R zone around 1485
- Gold managed to break through the trend resistance at the beginning of the NY session however during the FOMC we saw a large selloff that came straight into my indicated support zone
- We are now seeing a clear bounce from this area
** For gold to continue the overall larger daily bull trend we are in at the moment, Price needs to once again break above the indicated trend resistance as well as the most recent swing high + significant resistance @ 1508
- I expected, if gold were to drop that we would encounter support at both the indicated trendline as well as the clear S/R zone around 1485
- Gold managed to break through the trend resistance at the beginning of the NY session however during the FOMC we saw a large selloff that came straight into my indicated support zone
- We are now seeing a clear bounce from this area
** For gold to continue the overall larger daily bull trend we are in at the moment, Price needs to once again break above the indicated trend resistance as well as the most recent swing high + significant resistance @ 1508