After a big bearish run Gold found support at 1200.00 as far back as June 2013 and has since been stuck in a descending triangle. As price has been squeezed lower we saw a false breakout at the end of September 2014.
Since this breakout we have seen price create this descending wedge.
More recently price broke out of this wedge, retested the trend line, before continuing back down to hit support at 1200.00 yet again. However following Thursdays Non-Farm Payroll announcement, a breakout past the support occurred and was able to close below this level.
A retest of the 1200.00 level as resistance would create a great entry to short this pair in a bearish continuation to the next significant S/R Level at 1000.00.
Since this breakout we have seen price create this descending wedge.
More recently price broke out of this wedge, retested the trend line, before continuing back down to hit support at 1200.00 yet again. However following Thursdays Non-Farm Payroll announcement, a breakout past the support occurred and was able to close below this level.
A retest of the 1200.00 level as resistance would create a great entry to short this pair in a bearish continuation to the next significant S/R Level at 1000.00.
