Gold - searching the bottom - sell on 1H
Updated
after yesterday's sellout the gold price is looking for the bottom for consolidation
after the price bounced off the 38. 2 fibonacci retracement line (signs of a strong trend) and strong selling pressure came into the market, I expect a break of the dotted last strong upward trend line
The price has repeatedly failed to break through the 200-day line, which will lead to further selling pressure.
The MACD is close to a bearish crossing of the baselines and the stochastic RSI is several hours in the overbought territory suggesting a downward correction.
The 50 day moving average (yellow line) is going to cross the 100 day moving average (blue line) which is bearish indicator
open sell at current price stage up to 1512 $
after the price bounced off the 38. 2 fibonacci retracement line (signs of a strong trend) and strong selling pressure came into the market, I expect a break of the dotted last strong upward trend line
The price has repeatedly failed to break through the 200-day line, which will lead to further selling pressure.
The MACD is close to a bearish crossing of the baselines and the stochastic RSI is several hours in the overbought territory suggesting a downward correction.
The 50 day moving average (yellow line) is going to cross the 100 day moving average (blue line) which is bearish indicator
open sell at current price stage up to 1512 $
Trade active
Trade closed: target reached
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
Related publications
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.