GOLD, H4
TECHNICAL ANALYSIS
Price is in the large monthly weekly and monthly resistance zones, so this usually gives large swings up and down on the lower time frame like daily, 4 hours and hourly.
4 hour time frame is showing a potential upside move, but that can only be confirmed by break and close of 4 hour candle above pink trendline marked A. The immediate target will be around 1238.92 resistance zone marked by the red horizontal line labelled T
NB:Support/Resistance zones are like balance zones where there is a strong fight between buyers and sellers.(Forces of Demand and Supply). Like all fights, one gives up and the market takes the direction of the winner. If you would like more on Support and Resistance, you can leave a comment below and i will get you more practical applications of those balance zone in the markets.
Hi G, i would like to learn more about bollinger charts.
ReplyDeletewould you be willing to tell me more about them
Hey Charlie, Thank you for your comment. I mainly read the price action without the indicators. Bollinger charts are a form of support and resistance composed of moving averages that follow price meaning that they are lagging. I would recommend you to study simple price action. And then Concentrate on the obvious Support and resistance zones like psychological levels and previous congestion zones.Price respects these zones as compared to bollinger bands which follow price.
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