By Admiral Markets
Source: Admiral Markets MT5 with MT5SE Add-on
Gold has made a big drop that is marked by a descending trend line. However, today is Friday and we could see some profit taking in the market before the next move. The POC zone stands exactly where the trend line is and where the W L5 level supports the price. Below 1245.70, further weakness is expected towards 1239.65. Above D H3 1250.29 we could see 1256.34. Ideally for bears, the price should stay capped below 1260-63 – strong resistance.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
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)
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Article by Admiral Markets
Source: GOLD Descending Trend Line at Weekly Support
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
