Gold approaches important resistance area

D

dima777

Gold has been rising in the last few trading sessions – after forming the powerful combined bullish candlesticks reversal pattern Morning Star Doji (Flying Candle). The price is currently trading near the key multi-month resistance area made out of the upper daily Bollinger band and the key resistance level 1831.00

gold-spot-xauusd-technical-analysis-chart-selected-alpha-30-13-1024x758.png
 
dima777 said:
Gold has been rising in the last few trading sessions – after forming the powerful combined bullish candlesticks reversal pattern Morning Star Doji (Flying Candle). The price is currently trading near the key multi-month resistance area made out of the upper daily Bollinger band and the key resistance level 1831.00

gold-spot-xauusd-technical-analysis-chart-selected-alpha-30-13-1024x758.png
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I could label any level as resistance and say that it currently trades near the level. Unfortunately this gives little insight into further direction but gives you a room to say later "you see I said this gonna be a resistance as breakout happened/price bounced off" lol. Tell us whether the price extends gains past the level or resumes downtrend.
 
day trader day chart looks like this.

we can't see / don't bother about the resistance level (upper chart).
we don't bother about morning, evening, night or shooting star.

main focus is on the day range (lower chart).

definitely for swing traders, you stretch the upper chart Y axis,
and compress the lower chart Y axis.

gold.png
 
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