Did gold prepare to move down?

Did gold prepare to move down?

1/ We have blue lines of downtrend
2/ The Pink Line of support was…
3/ …broken down in the very bearish style: SB + ND + SB. It was effort of bears to push price down. Chart tells, sellers have the control over 1488 level.
4/ I plot green line of resistance on this level. Now read the signs from chart when price approached green resistance line:
5/ ND
6/ Perfect example of SLKT. This bar triggered SLs of sellers above 04/Dec (minor high).

Now this market is looking prepared for down-move. Pink line 7 is under danger.

Yes, You Can Become a Professional Chart Reader

To build success in any business, you should rely on things that really work.

In Chart Reading Method, they are three: The Law of Inequality, The Law of Supply & Demand, The Law of Effort & Result.

Download free books, to understand how can you apply the Laws and convert charts into profitable setups daily!

Enter your email to Download books

Start building your success with Chart Reading method. Let’s not go back to what wasn’t working anyway.

No spam is guaranteed.