Gold: breaking the downtrend?

Gold: breaking the downtrend?

2021-03-09 • Updated

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

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