The following comments appeared in the previous post on the daily bar chart pattern of Gold: "All three daily technical indicators are in their respective oversold zones. An upward bounce may occur at any time."
After an initial bounce that faced resistance from the 200 day EMA, gold's price rose gradually above its falling 20 day EMA but couldn't overcome resistance from the 1280 level.
In the process, a small 'ascending triangle' pattern appears to have formed - from which an upward breakout (above 1280) is likely.
-- After an initial bounce that faced resistance from the 200 day EMA, gold's price rose gradually above its falling 20 day EMA but couldn't overcome resistance from the 1280 level.
In the process, a small 'ascending triangle' pattern appears to have formed - from which an upward breakout (above 1280) is likely.
Read more at:
http://investmentsfordummieslikeme.blogspot.in/2016/11/gold-and-silver-charts-forming-bearish.html
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