Why we should be on buying position on Gold(XAUUSD) at this moment

in hive-136819 •  4 years ago  (edited)

Screenshot_2021-02-20-09-34-37.png
Following daily chat, Gold present a great buying opportunity after retesting the previous low which made it formed what we call double bottom . This double bottom as a terminology in pattern analysis is bulish.
Screenshot_2021-02-20-09-34-58.png
Again , looking at the downard movement of gold before reaching the previous low it also form what we call a falling wedge which is also bulish were ever it end.
In summary , Combining double bottom, falling wedge that form together with stochastic indicator hiting the bottom , all represent a buying opportunity. And that is why we are favouring a buying position.

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4 years ago by

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