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Gold Crashes Crucial Support

By:
Tomasz Wiśniewski
Published: Nov 24, 2020, 14:06 UTC

In this video, we will traditionally analyze three instruments but you can be sure that we picked the best ones!

Gold Crashes Crucial Support

In this article:

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!

Lets 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 a 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. Sentiment is positive and we should be aiming 6500 now, so the major resistance from June.

For a look at all of today’s economic events, check out our economic calendar.

 

About the Author

During his career, Tomasz has held over 400 webinars, live seminars and lectures across Poland. He is also an academic lecturer at Kozminski University. In his previous work, Tomasz initiated live trading programs, where he traded on real accounts, showing his transactions, providing signals and special webinars for his clients.

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