Gold Spot / U.S. DollarUpdated How to trade Gold now? A winning strategy!
Dear traders, Gold is currently in no trader's land ;)
which means Gold is currently at a congestion zone from where
price could break out either way.
On the 4Hour chart, we can see the formation of descending
triangle pattern+ failure to break the dynamic resistance. A combination
of the two factors gives us a bearish bias.
On the daily chart, however, Gold is bouncing on the 100-day EMA
and so far, price has not gone below it. This is a slightly bullish signal.
So, you can see that we are getting conflicting signals from Gold. So,
it would be wise to apply breakout and retest strategy here If the price
breaks 1960, and successfully retests it, we go long. On the other hand,
if price breaks the lower support of the descending triangle pattern,we
consider short entries.
which means Gold is currently at a congestion zone from where
price could break out either way.
On the 4Hour chart, we can see the formation of descending
triangle pattern+ failure to break the dynamic resistance. A combination
of the two factors gives us a bearish bias.
On the daily chart, however, Gold is bouncing on the 100-day EMA
and so far, price has not gone below it. This is a slightly bullish signal.
So, you can see that we are getting conflicting signals from Gold. So,
it would be wise to apply breakout and retest strategy here If the price
breaks 1960, and successfully retests it, we go long. On the other hand,
if price breaks the lower support of the descending triangle pattern,we
consider short entries.
Note
Looks like Gold might decline todayNote
As expected, price has declined. Almost 200 PipsNote
1930 level if offering some supportNote
Minor bounce at the support level 
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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.