GOLD D1 - test of key support
In second half of April GOLD set high around 1295.00. Declines in result of rebound led price close to 1217.00. During next bullish movement price reached previous high slightly overcoming it.
This led to a situation wher ite was possible to update the trend line and its second reflection set at the 9th of May lows at 1214.17. Currently after rebounding from key resistance at 1295 price once again reached the trend line which was tested yesterday.
Today we see a slight rebound but all the time trade is taking place in the range of yesterday’s session. One of scenarios points to a third reflection from the trend line. Then, after breaking the local resistance near 1260.00, it would increase probability of another attack on this year’s high at 1295.00.
In case of breaking the trend line, its continuation will be questionable. However, to be able to talk about change to bearish we need to meet several conditions for example such as seting lower lows and lower highs.
This led to a situation wher ite was possible to update the trend line and its second reflection set at the 9th of May lows at 1214.17. Currently after rebounding from key resistance at 1295 price once again reached the trend line which was tested yesterday.
Today we see a slight rebound but all the time trade is taking place in the range of yesterday’s session. One of scenarios points to a third reflection from the trend line. Then, after breaking the local resistance near 1260.00, it would increase probability of another attack on this year’s high at 1295.00.
In case of breaking the trend line, its continuation will be questionable. However, to be able to talk about change to bearish we need to meet several conditions for example such as seting lower lows and lower highs.
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