One for the Gold bugs today, with daily trend line support looking to hold.
As you can see, price is still hovering around the level where we identified that the heard wants to short Gold. Draw in some horizontal lines touching the key swing highs/lows and you see that we’re hovering around quite a significant level.
But it’s the daily trend line support that is key here. This is the third touch of the level and if it holds, will be the key going forward in terms of looking to get long.
Zoom into an intraday chart and look at the short term resistance turned support that price bounced off overnight. It’s this higher and lower time frame confluence that is key in finding good entries.
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Enjoy your weekend and as always, best of probabilities to you!
Dane Williams – @VantageFX
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Source: Vantage FX Blog