Gold technical signal evaluation frame H1
Gold technical signal evaluation frame H1:
Gold prices are rising slightly since the market opened and then hovering at 1293-1293.5. Especially, the index dropped strongly after the rebound at the end of last week when the price suddenly surpassed MA20 to 1299. 8. This is also the resistance level at Fibo 50%.
• RSI 14 is bouncing and crossing the neutral line (50%). In general, the market dynamics is quite weak at this time and still not really get out of the current price.
• ADX moved below the 20 line, showing that the trend is getting weaker and the sessions will get narrowed and the chance of winning many points will not be high for both long and short sides.
In addition, the market will move sideways, making it difficult to trade when prices are easy to touch stoploss. Currently the resistance zone above 1300 is very large. Gold prices may in the next few sessions (D1) retest this level and the subsequent results may decide on the next trend.
Trading strategies:
Join Long or Short with caution and prioritize to set a stop loss and target to avoid the market starting to trend against the expectation ..
Analysis is for reference only!
Gold prices are rising slightly since the market opened and then hovering at 1293-1293.5. Especially, the index dropped strongly after the rebound at the end of last week when the price suddenly surpassed MA20 to 1299. 8. This is also the resistance level at Fibo 50%.
• RSI 14 is bouncing and crossing the neutral line (50%). In general, the market dynamics is quite weak at this time and still not really get out of the current price.
• ADX moved below the 20 line, showing that the trend is getting weaker and the sessions will get narrowed and the chance of winning many points will not be high for both long and short sides.
In addition, the market will move sideways, making it difficult to trade when prices are easy to touch stoploss. Currently the resistance zone above 1300 is very large. Gold prices may in the next few sessions (D1) retest this level and the subsequent results may decide on the next trend.
Trading strategies:
Join Long or Short with caution and prioritize to set a stop loss and target to avoid the market starting to trend against the expectation ..
Analysis is for reference only!
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