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Gold Breaks Major Support

ByAxiory
AuthorTomasz Wisniewski
Published 11/24/2020, 08:52 AM
Updated 01/03/2021, 09:10 AM

Seems that the beginning of this week is all about breakouts. We have important breakouts of crucial levels on major instruments. In this video, we will traditionally analyze three instruments but you can be sure that we picked the best ones!

Let's start with Gold, which currently is on the lowest levels since the middle of July. Today and yesterday’s candles look very negative and the reason for that is the breakout of crucial horizontal support on 1850 USD/oz. This is definitely negative and brings us a proper sell signal.

Now we move on to indices, where on the other hand we have a positive sentiment. SP500 escaped from the symmetric triangle pattern present in the last two weeks. The breakout is to the upside, so it brings us a mid-term buy signal.

From New York, we move to London, where FTSE is having a similar situation. Here, the price also broke the upper line of the triangle and is aiming higher. The sentiment is positive and we should be aiming 6500 now, so the major resistance from June.

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