Gold approaches important resistance area

Discussion in 'Commodity Futures' started by dima777, Aug 30, 2021.

  1. dima777


    Gold has been rising in the last few trading sessions – after forming the powerful combined bullish candlesticks reversal pattern Morning Star Doji (Flying Candle). The price is currently trading near the key multi-month resistance area made out of the upper daily Bollinger band and the key resistance level 1831.00

  2. SunTrader


    How can BBands with a default lookback period of 21 days - be a multi-month resistance level?
    Bastion_01 likes this.
  3. dima777


    it was referring to the level - thank you - article corrected.
  4. After a heavy breakdown now the Gold approaches an important resistance area, thank you for the updated article.
  5. SunTrader


    I must be looking at a "different" Gold.
  6. oh noOo, not the morningstar doji!!!
  7. kroxobor


    I could label any level as resistance and say that it currently trades near the level. Unfortunately this gives little insight into further direction but gives you a room to say later "you see I said this gonna be a resistance as breakout happened/price bounced off" lol. Tell us whether the price extends gains past the level or resumes downtrend.
  8. maxinger


    day trader day chart looks like this.

    we can't see / don't bother about the resistance level (upper chart).
    we don't bother about morning, evening, night or shooting star.

    main focus is on the day range (lower chart).

    definitely for swing traders, you stretch the upper chart Y axis,
    and compress the lower chart Y axis.

    Last edited: Aug 31, 2021
  9. Nobert


    Gold. Resistance. And Bollinger bands.

    dima777 likes this.
  10. people got killed for less, haha
    #10     Aug 31, 2021
    dima777 and Nobert like this.