Gold - March 29th analysis results and analysis of next possible movement
What's up investor friends?
Yesterday I was analyzing Gold and found it above the $1710 support. The bearish pressure was great. The bulls could not recover above $1750, which was immensely needed to continue bullish at least in the short term.
1-day candles
I therefore proposed a bearish scenario. In case of breaking the 1710 - 1700$ support, the price would fall to 1680$, and this is what happened.
30-minute candles
The price has broken strongly the 1710 - 1700$ and has fallen quickly to 1680$, where it has bounced but with little strength. In fact at the moment it has formed a small bearish pennant visible on 30 minute candles, which indicates that the price will probably look for the $1680 again.
Gold is at a key point now. We must wait for the price to develop. If it stays above $1680 and recover to the upside, or on the contrary try to break the support and head to $1650 - $1640, where the next strongest supports are located.
1-day candles
I recommend watching the possible candlestick patterns that may form from now and waiting for price action. If you have sold since 1710, it is best to take profits now.
Best wishes my investor friends! 💪
Disclaimer
The information given in this article is only my analysis and personal opinion. Be sure to do your own analysis and research. Trading cryptocurrencies, forex, commodities, etc, is risky.
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