Gold has taken a pause on October's enormous rise that was backed by the geopolitical tension in Israel, and formed a Bullish Flag pattern.
The whole pattern from October's low until now looks very much like March 2023.
A Bullish Megaphone with Higher Lows to buy and Higher Highs to sell, led the market to the eventual 2080 peak.
Trading Plan:
1. Sell as long as the (1d) candle closes under Resistance (1).
2. Buy if it closes over it.
Targets:
1. 1955 (Rising Support of a symmetrical to March Bullish Megaphone and over MA50 (1d)).
2. 2049 (Resistance 2).
Tips:
1. The RSI (1d) got overbought and pulled back. The last two times it did a similar structure was on March 17th and January 13rd. The former extended the rise while the latter had a strong decline to the 1805 level that formed Support (1).
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Notes:
Past trading plan:
The whole pattern from October's low until now looks very much like March 2023.
A Bullish Megaphone with Higher Lows to buy and Higher Highs to sell, led the market to the eventual 2080 peak.
Trading Plan:
1. Sell as long as the (1d) candle closes under Resistance (1).
2. Buy if it closes over it.
Targets:
1. 1955 (Rising Support of a symmetrical to March Bullish Megaphone and over MA50 (1d)).
2. 2049 (Resistance 2).
Tips:
1. The RSI (1d) got overbought and pulled back. The last two times it did a similar structure was on March 17th and January 13rd. The former extended the rise while the latter had a strong decline to the 1805 level that formed Support (1).
Please like, follow and comment!!
Notes:
Past trading plan:
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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.
Join our private Telegram signals channel, with +70% accuracy for forex and crypto! 🎉
Also doing account management, earn +15% monthly profit!
👉CONTACT: t.me/tradingbrokersview
Stop gambling with your trades! 🎰
Start being profitable! 💰
Also doing account management, earn +15% monthly profit!
👉CONTACT: t.me/tradingbrokersview
Stop gambling with your trades! 🎰
Start being profitable! 💰
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.