Last Thoughts Before The Weekend - Gold's Most Important Levels

28 de ago. de 2020

The weekend is coming and in this analysis I wanted to share with you my final thoughts before the market closes.

For GOLD it will be very important to keep an eye on the resistance I marked in yellow. This is an area that brought lots of resistance over the last week.

Every time the price hit this level, the bulls were quickly chased away by the bears. Right now the price is at this level again.

When the price is close to a resistance zone, two things can happen. It can bounce back to lower levels such as a support zone, or it can break through and spike upwards with high volatility.

This happened already one time during a false breakout at the 27th of August.

In general, I find it not a good moment to buy your way into gold. The price is in the middle of the channel between the major support and resistance and therefore have bad risk reward going either direction. I will be keeping an eye on this smaller yellow resistance, and depending on what happens a direction might show itself.

For an explanation about the other levels, see my previous idea here

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!

30 de ago. de 2020

Nota

My new analysis is out! In this new idea I will take you through the same levels as we used here, and explain to you how we can use them to enter the new week!

Make sure to read this idea and give it a like before the markets open again in a few hours.