Bullish Hamer set up
Although today’s decline caused a breakdown under the bearish shooter of Tuesday, the bullish response can handle that signal today. Nevertheless, price levels look relatively clear in the short term. Today’s low point of $ 2,864 is short -term support. If broken on the other side, the trendline has not retained support and the lower prices will be targets.
The low point of this week at $ 2,853 is a main level level, because it is part of a series of six consecutive weeks of higher weekly highlights and higher weekly lows. A change in that bullish weekly pattern can indicate an idea that bullish pattern can begin to change as soon as that pattern starts to change.
Almost -period at the peak of Monday from $ 2,912
At the top, a breakout above the high high of 2,909 will show force, but the highlight of Monday from $ 2,912 must also be considered. It was resistance on Monday, which had the highest historic final race for $ 2,907. Tuesday’s record high in gold was $ 2,943.
The advance completed a few goals there are derived from Fibonacci extension and projection goals. That is why resistance was seen in a price surface that could lead to a withdrawal. Nevertheless, the higher goals of $ 2,943 start to exceed $ 2,961, followed by $ 2,982.
Channel may show higher target
In addition, note that there is a trend line over the top of a large parallel trend channel. The line was confirmed with the recent Swing High at $ 2,790. It also shows the possibility of higher prices if the high Tuesday can be exceeded.