GOLD-BUY
Stand by for BUY signal on GoldStand by for BUY signal on Gold
1.790/1800
is an important area of support/resistance.
1) A breach and close above this level,
will resume the trend line and climb to 1830/40.
2) if the price can't break the 1790/1800 barrier
the trend will most likely change and retreat to 1700 levels
3) Right now, price is underpinned
by 1790 support baseline and 50 EMA.
And above the 200 EMA
4) Money flow index is in the green zone supporting Upside continuation
BUYING GOLD AFTER BEARISH CORRECTIONXAU/USD has been on a bullish correction after break of 1637.045 lower high. I'm currently waiting for a break above the 1659.740 area which was a previous support level.
You may set an alert around the 1637.045 to take bullish trades after further confluence.
All the best!
XAU/USD Possible bullish recovery from support on goldXAU/USD is currently in a downtrend from the daily perspective, we may see it complete the downward trend at either 1692.78 or 1680.00. We could also see it break above 1709 for an upward continuation. I'm currently waiting for a break above or below the marked levels X and Y For any further directional certainty.
Where is Gold going this week?I worry about the Daily's ability to continue bullish. Here's why.
Starting at the purple vertical line, Gold created a Rising Two Methods (Usually called a Rising Three Methods, but since it is the same formation, minus one candle, I called it this.) This is a Bullish signal often times.
Looking at these two candles, a Dark Cloud Cover was created. These can be signs of reversal.
Now, looking at the last candle.
The wick pushes to new highs of the whole week. But, price closed lower than the previous days open.
Will price move down? Or will price push above previous weeks' wicks and climb up?