Gold - market before breakout?
Looking at the daily chart of the gold futures we may spot that the price has found potential support at 1911 USD. This level could also be a possible lower limit within a triangle pattern where the upper limit is set by the upper limit within a downward trend channel.
If the support also set by the trendline is broken we may expect another decline which could be labeled as wave C. In a larger perspective we can also expect a potential ABC simple correction.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
If the support also set by the trendline is broken we may expect another decline which could be labeled as wave C. In a larger perspective we can also expect a potential ABC simple correction.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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