GC possible long opportunity on reversal.
I don’t know if I am to take this trade but I am thinking about it in my mind.
These be reason for possible reversal.
- downward wedge
- approaching intersection of wedge mean squeeze, mean price soon break
- RSI in oversold territory. As price approach intersection of wedge will be even more oversold.
- pice target top of parallel channel line. Also target could be when RSI approaches overbought territory.
- with indexes pulling back gold prime for up move.
Let me know what you think. Please give thumb up if you find this thought provoking. Thank you!
These be reason for possible reversal.
- downward wedge
- approaching intersection of wedge mean squeeze, mean price soon break
- RSI in oversold territory. As price approach intersection of wedge will be even more oversold.
- pice target top of parallel channel line. Also target could be when RSI approaches overbought territory.
- with indexes pulling back gold prime for up move.
Let me know what you think. Please give thumb up if you find this thought provoking. Thank you!
Comentário:
Gold finding interesting support at yellow line.
TIP:
How do you confirm support? Look back on you indicator, in my favorite be RSI. Support generally valid if price cross from oversold to not over sold area or cross 50 RSI in either direction at same time price crosses support.