Gold: Market Review and How to Trade in the 1H Timeframe
Let's look at the possible trade opportunities using the 1H chart. How can we trade and which levels and lines are important for traders?
The price has been moving below SMA200. It tells us that we have a downtrend and we should search for trade opportunities for shorting. For this, any reversal signals from SMAs and resistance will be good for opening short trades. We can use the local uptrend line and the breakout below it for shorting as well. The nearest profit target for the bears should be 1848.00$ support.
If we want to buy, it will be better to wait for the breakout above the resistance zone formed by SMA200, the daily downtrend line, and 1920.80$ resistance level. If the price moves above this zone, we will get a solid bullish signal. The previous trend will be changed and we will be able to join a new uptrend.
All trades must be used with stop orders and the proper risk and money management.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
The price has been moving below SMA200. It tells us that we have a downtrend and we should search for trade opportunities for shorting. For this, any reversal signals from SMAs and resistance will be good for opening short trades. We can use the local uptrend line and the breakout below it for shorting as well. The nearest profit target for the bears should be 1848.00$ support.
If we want to buy, it will be better to wait for the breakout above the resistance zone formed by SMA200, the daily downtrend line, and 1920.80$ resistance level. If the price moves above this zone, we will get a solid bullish signal. The previous trend will be changed and we will be able to join a new uptrend.
All trades must be used with stop orders and the proper risk and money management.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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.