Gold Spot / U.S. DollarUpdated XAU/USD giving conflicting signals in Daily chart, be cautious
Dear traders, in my previous idea, I recommended you to buy Gold at 1930 level.
That trade gave us more than 270 pips profit.
Currently, if you switch to the daily chart, you can see that Gold is giving
conflicting signals. One one hand, we are seeing the formation of a big bullish
candlestick at the 100day EMA, which is a bullish signal.
On the other hand, we are also seeing the formation of a bearish Doji candlestick.
On the 4H timeframe, you can see that price is struggling to break the dynamic resistance
level. So, I recommend traders to be extra cautious.
If Gold manages to break the 1962 level strongly, we can see a big rally towards 2000 and
2050. However, a failure at this level would once again lead to a decline towards 1930.
That trade gave us more than 270 pips profit.
Currently, if you switch to the daily chart, you can see that Gold is giving
conflicting signals. One one hand, we are seeing the formation of a big bullish
candlestick at the 100day EMA, which is a bullish signal.
On the other hand, we are also seeing the formation of a bearish Doji candlestick.
On the 4H timeframe, you can see that price is struggling to break the dynamic resistance
level. So, I recommend traders to be extra cautious.
If Gold manages to break the 1962 level strongly, we can see a big rally towards 2000 and
2050. However, a failure at this level would once again lead to a decline towards 1930.
Note
Price action is a little tilted to the downside nowNote
Waiting for a key level to break before 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.
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.