Technical Analysis 31-October-2019
As can be seen in the Gold Daily chart, the price of the trend line “tr3” has broken somewhat but has returned.With this conditions we have to scenario:
Downside scenario: In case of a fall in price in the channel “ch1” we expect touch channel bottom at 1450 . It should be noted, of course, that there is support at the level 1480 .
Ascending Scenario: If there is an uptrend with breakdown of 1500 and a stabilization on top of that, we expect to move upwards to 1515 , and if this area breaks, we will consider moving upwards 1550.
As shown in the daily chart, the price is moving between two channels. Right now the upper side of the channel which is “tr_2” broken and we expect the price move up to the upper line of larger channel “tr_1”. On this path resistance res_1 is also ahead. This is a very good point to decide on entering a trade.