The long awaited bearish reversal chart pattern has been spotted on the daily time frame chart of GOLD.
The descending triangle chart pattern is considered to be a bearish reversal chart pattern as shown above. The 50day moving average starting to form a clear resistance bounce on price, would likely hold price from moving higher.
The current look at the chart shows that price has broken-down from the descending triangle chart pattern, which the next candlestick will probably be a continuation move to the down side.
The levels traders needs to keep an eye on are as follows:
open a sell level at : $1455.622
Support 1: $1443.066
Support 2: $1412.136
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice and happy new months guy.
The descending triangle chart pattern is considered to be a bearish reversal chart pattern as shown above. The 50day moving average starting to form a clear resistance bounce on price, would likely hold price from moving higher.
The current look at the chart shows that price has broken-down from the descending triangle chart pattern, which the next candlestick will probably be a continuation move to the down side.
The levels traders needs to keep an eye on are as follows:
open a sell level at : $1455.622
Support 1: $1443.066
Support 2: $1412.136
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice and happy new months guy.