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Forex
Gold is back to soar and recorded a new all-time high
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[QUOTE="FXOchartist, post: 345741, member: 90221"] Gold prices fell 2.7% days ago and formed a Morubozu candle. This candle pattern is hoped to be a strong reversal pattern supported by gold fundamentals. In recent weeks, geopolitical tensions in the Middle East and war elsewhere have triggered gold prices to move upward until they reach a new all-time high. However, as is the nature of market trends, there will be price reversals in a trend as seen yesterday gold prices plunged 2.7% from $2388 to a low of 2324. On H1 timeframe gold price moves near the lower band line. Here the Bollinger bands draw a downward channel with wide bands indicating high market volatility in a downtrend. The MA 50 indicator draws a descending channel above the middle band line reflecting the market downtrend in this timeframe. The RSI indicator currently shows level 26, meaning the price has entered the oversold zone, giving an alert of a possible reversal. [ATTACH type="full"]60748[/ATTACH] [/QUOTE]
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Gold is back to soar and recorded a new all-time high
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