UPDATE ON GOLD 4HR
I haven’t discussed about the Gold for sometime now due to the fact I couldn’t figure out a well technical defined pattern structure on Gold
Viewing the Image of the Gold above we can spot out a formation of rising triangle or a narrow wedge which technically have a bearish implication of price.
Resistance lies @ key-level 1695.18 and dynamic resistance of trend-line acts @ intersection of last swing high price level of 1672.31.
Support comes in @1610.78 key-level structure and support2 @1545.94
A 4hr close above last swing high will signal bullish interest to retest key-level resistance @1695.18 and which may aim price to re-target last high swing of Gold price in this year 2020.
A successful decisive close of price below last swing low of price @1641.80 will signal bearish interest willing to make a rotation of price to re-expose key-level support @1610.78 which may trigger more bearish interest to re-target next support @1545.94 .
Take note the overall trend of this currency pair is in a bullish long term trend .
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