The chart provides a clear picture of the current setup. At the moment, price is respecting the trendline. However, if the trendline breaks and price reclaims it shortly after, this would form a deviation—indicating stop hunts and offering stronger confirmation for a potential move higher. In that case, I'll approach the trade level by level.
Currently, price is holding above the previous week's high. My trigger for a long setup would be a move above the daily open and the 18/21 EMAs. A confirmed deviation below key levels would reinforce the bullish bias.
On the flip side, a clean break and hold below the trendline would invalidate the setup, and I’d shift my bias accordingly.
Always remember: context is key. Broader market sentiment remains bullish, with assets like BTC, equities, and altcoins showing strength—these often move in tandem with gold.
Currently, price is holding above the previous week's high. My trigger for a long setup would be a move above the daily open and the 18/21 EMAs. A confirmed deviation below key levels would reinforce the bullish bias.
On the flip side, a clean break and hold below the trendline would invalidate the setup, and I’d shift my bias accordingly.
Always remember: context is key. Broader market sentiment remains bullish, with assets like BTC, equities, and altcoins showing strength—these often move in tandem with gold.
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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.