GOLD ✪ POSSIBLE REVERSAL ✪ DOUBLE BOTTOM ✪ HARMONIC ✪ ONE HOUR
GOLD-USD is moving in BEARISH direction for a long time. However, in this technical analysis, several indications are presented which suggests the possible reversal of this precious metal instrument.
Firstly, there is a presence of BULLISH divergence, instead the price is steadily DECREASING, the Relative Strength Index (RSI) has been showing a UPWARD movement which indicates that the BEARISH momentum of GOLD-USD may be losing its pace. Thus, this divergence between the price and the RSI suggests that the price may be over sold and due for a correction.
Secondly, there is a presence of DOUBLE BOTTOM reversal pattern which also supports the idea of the reversal for GOLD-USD. This DOUBLE BOTTOM Pattern was observed at one hour time frame analysis.
Based on above, it appears that the GOLD-USD pair may take the BULLISH movement from the ENTRY PRICE mentioned in the chart. Thus, it can be an opportunity for a LONG TRADE if it breaks the ENTRY PRICE level.
The Risk to Reward Ratio is suggested 2% of the total portfolio.
Best of Luck..
Firstly, there is a presence of BULLISH divergence, instead the price is steadily DECREASING, the Relative Strength Index (RSI) has been showing a UPWARD movement which indicates that the BEARISH momentum of GOLD-USD may be losing its pace. Thus, this divergence between the price and the RSI suggests that the price may be over sold and due for a correction.
Secondly, there is a presence of DOUBLE BOTTOM reversal pattern which also supports the idea of the reversal for GOLD-USD. This DOUBLE BOTTOM Pattern was observed at one hour time frame analysis.
Based on above, it appears that the GOLD-USD pair may take the BULLISH movement from the ENTRY PRICE mentioned in the chart. Thus, it can be an opportunity for a LONG TRADE if it breaks the ENTRY PRICE level.
The Risk to Reward Ratio is suggested 2% of the total portfolio.
Best of Luck..
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