I am biased on the bull side with gold but can break any side at this moment in time and one should look be ready to trade any side that the market will show signal to
As you can see on the chart, Gold is just under the DAILY DOWNTREND (Green), which tested a few times and declined (but at this moment in time nothing to worry about for Bulls, it's normal for the market to look for momentum).
A good bullish sign is that we have broken the DAILY RESISTANCE of around 1942 and since broke we have been trading sideways above it (COULD BE GETTING BULL MOMENTUM)
Signal I will take
For Buy
Break and retests of 1947 (will buy on retest)
TP1 1986
TP2 2061
SL 1941
For Sell
Break and retest of 1942 (will sell on retest)
TP1 1917
TP2 1892
SL 1950
Hopefully we get a side soon
Happy Trading
As you can see on the chart, Gold is just under the DAILY DOWNTREND (Green), which tested a few times and declined (but at this moment in time nothing to worry about for Bulls, it's normal for the market to look for momentum).
A good bullish sign is that we have broken the DAILY RESISTANCE of around 1942 and since broke we have been trading sideways above it (COULD BE GETTING BULL MOMENTUM)
Signal I will take
For Buy
Break and retests of 1947 (will buy on retest)
TP1 1986
TP2 2061
SL 1941
For Sell
Break and retest of 1942 (will sell on retest)
TP1 1917
TP2 1892
SL 1950
Hopefully we get a side soon
Happy Trading
Note
Gold was deep around 1934 after NFP on Friday, But recovered the loss very quickly and closed above 1939 (which is daily support). Makes good sign that we might have bull continuation this week comingWhen the UK opens on Monday I will look to buy on 1 one-hour time frame
Reason for buy
RSI points upwards, double bottom, hold on 4h trendline and we have HH & HL 1h
My target for this Trade
TP 1949
SL 1937
Will upated more if there any changes
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.