GOLD : A complete analysis of it's ongoing TREND
After a false breakout move around 25400, price pushed back up from the key monthly support area but finally got rejected by the sellers on it's previous lower high swing top area of 27500 level, which shows the strength of overall downtrend with lower highs & lower lows.For the downtrend to get weaken, a close & sustain move above 27500 was required.On chart , you can see how smooth the downtrend pressure is with multiple lower highs(marked in RED).We're still bearish on GOLD & looking to join the sell-off momentum every possible way after the current swing rejection using higher & lower timeframes.A close & sustained move below 24000 level of key support, will lead gold towards extreme lows in near term. So, be with the trend & play with it till it holds – CHEERS !!
SUMMARY : READ price momentum context – RECOGNIZE the pattern going on – TRADE the pattern till it ends and to learn it all join me in my ADVANCE TRADING COURSE & trade with me realtime using higher & lower timeframe charts.
PLS NOTE : All chart analysis posted here are the author's own idea of trading for educational purpose only & not any form of advice or recommendations or opinion to anyone.