Gold Undecided at Support/Resistance
In the previous post on Gold, we could clearly see a reversal at the weekly 50 simple moving average
proving this to be a strong level of support.
So far this week and price has now moved below the 50sma displaying a bearish candle at the moment
but the important thing to note is the closing candle at the end of the week. If price closes above the
50sma again at the end of this week then it further reinforces this level as strong support.
If price closes below the 50sma then we may see further moves to the downside but as the overall trend
is up, the bias is indicating towards a bullish continuation.
It is just a waiting game now to see what price will do next as we hold onto our position which was
opened in the summer of 2020.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
proving this to be a strong level of support.
So far this week and price has now moved below the 50sma displaying a bearish candle at the moment
but the important thing to note is the closing candle at the end of the week. If price closes above the
50sma again at the end of this week then it further reinforces this level as strong support.
If price closes below the 50sma then we may see further moves to the downside but as the overall trend
is up, the bias is indicating towards a bullish continuation.
It is just a waiting game now to see what price will do next as we hold onto our position which was
opened in the summer of 2020.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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