Potential Gold Moves

17. Aug. 2019

Here you can see price reaching the top of a monthly channel. We saw price make multiple failed attempts to push back into and test highs at 1534.65, giving us good rejection at that price action zone. Bears closed out Friday with a little momentum, so it will be interesting to see if we get some major selling pressure into next week. If we do a good area to target would be 1366-1378 as these prices were once a critical 5-year high rejection zone. Price as finally breached those prices and with a global recession looming, we should only expect a continual rise in prices. Market conditions favor bullish sentiment but remember the market will do as it pleases. So Bull or Bear be ready!





Alpha-X Trading Group