Gold: breaking the downtrend?
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Observation
On February 26, a downward channel started forming. The upside of the channel was mostly limited by the 50-MA. Currently, the price is flirting with both the 50-MA and 100-MA which will define the destiny of this channel now. Hence, your action plan below.
Action
- Watch for bullish signs on lower timeframes; if they form while the price is at 100-MA, the price will likely cross its resistance; in this case, the target will be 200-MA at 1730
- Watch for reversal signs on lower timeframes; if they form while the price is at 100-MA, a bounce downwards will likely take place: in this scenario, the support of 1680 will likely be crossed
