By Admiral Markets
The gold enjoyed a steady uptrend during Monday but a small doji (stop candle) that appeared at W L3 resistance suggested a possible momentum change. Straight after the doji has been formed the price continued to fall and it finally broke the double bottom and D L3 pivot. Traders should pay attention to possible short term rejections around D L3 -1290.52 while a stronger retracement to the upside might target the POC zone 1294.80-1296.20 ( W L3, historical sellers, Daily camarilla pivot, EMA89, ATR pivot). Rejection from the POC zone targets 1292.20, 1290.52. If the price proceeds further down watch for 1287.87, 1286.25 and the final ATR projection low -1284.92.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
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D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Source: Gold Double Bottom Support is Broken
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
