As noted last day, prices were in the vicinity of the green trend line. Yesterday, the fundamental news of the Chinese-American economic war brought about a lot of gold and boosted the value of this metal. As a result, with the breakdown of the trend line and rising prices for gold. At the moment, the price had touch 161.8 level and is back. In these conditions, we expect pullback to the trend line. If the 161.8 level breaks down, we can expect to move to levels 1311 and 1323 USD.
The price on the drawn channel (blue channel) is moving. Currently, the price is at upper line. Although we have some movement for fundamental news yesterday but price return to start point again. Currently we expect to fall. So, with the appearance of the sales signal, we enter in short position.
Yesterday, the price broke out support are and was down significantly due to the fundamental news. In the current situation, the price has returned to the previous support zone. Here we have to wait and see whether this area acts as a resistance or will be broken out.
Price After the collision and breaking of the trend line, had a pullback to the trend line. Now the supported area also been broken and has reached the bottom of its channel. If the appropriate sign appears, I will enter long position and if this channel is broken then the deal will be short based on the failure sign.
The price of its previous triangle has broken out, but it has shaped a new triangle. Now the price is located on the upper line of this triangle and we expect it to fall to the bottom of the triangle. In case of break out of the upper line of triangle it can also be entered into a long position.
The price has hit the upper line of the channel and started to fall. We have a trading opportunity for short. At the same time, we have continuation of a harmonic pattern .
The price is on the downtrend in the channel. We have a trading opportunity for short with the goal lower line of the channel. The stop loss can be considered above the broken resistance area.