Gold is performing in the parallel channel from 22 Sep. Recently, the moving average has tried to crossover but failed. And volume spike is a direct sign of an uptrend. It’s sharply moving forward.
Please note parallel channel breakdown is not the best place for a short. A better place for shorts is the hurdle line.
Here I have used ADX to identify the trend strength. Gold’s ADX < 25 means the uptrend is weak.
What will happen after a breakout of a parallel channel and hurdles? I will update it in my next update of Gold.
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