![]() ![]() FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. ![]() The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. Important Disclaimers The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. Nevertheless, the 38.2% retracement at 1,959, that previously saw support will be the first level below the lines to watch price action.įor a look at all of today’s economic events, check out our economic calendar. In that case, the uptrend line at the bottom of the large ascending trend channel should act as support at a maximum. If instead price breaks below the support levels represented by the lines, then a deeper retracement is likely. ![]() If it is, watch for price to be rejected at one of the lower interest uptrend lines or 34-Day EMA. The bottom line is that the 2,102 to 2,112 target zone is in sight if the 1,999-support zone is not busted. If 1,999 Support Holds, Gold Should Go Higher For the new pattern the C leg starts at the 1,999-swing low from last week. There is also the completion of a new ABCD pattern at around 2,112. The two lines just mentioned plus a trendline across the top of a large expanding triangle that’s been forming for more than two years (best seen in weekly or monthly chart). 2,102 Beginning of Next Target ZoneĪround 2,102 is where the three lines intersect. ![]() Importantly, the rising wedge is contained within the parallel channel, which also needs to be considered. That is because if gold exceeds that high it would have broken through one of the two uptrend lines that currently mark its boundaries in the shape of a rising wedge. The top trendline of the channel is the initial target with a maximum level of 2,102. If it remains above last week’s low, it has a chance to evolve higher. Gold continues to progress higher in an ascending trend channel. Ascending Trend Channel and Rising Wedge Pattern ![]()
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