GOLD MACD StrategyRules for engagement:
- Price must be below the 200SMA
- MACD must cross above the 0 line (higher the better)
- Price must then cross over short term SMAs (5&8)
- Stops at previous high
- Take Profits at the target low
Here we saw price break down to create a new lower low and sweeping previous support. Price on the daily has broken below the 21 moving average and price is close to crossing the 200 moving average on the 4hr chart.
Using the FIB we can set an expected target entry zone between the 382 and 618 zones which also aligns with previous support which could turn to resistance. We see price stall here and we look for entries short.
two entries identified using the above rules with a 130SL and a 400+TP.
