Gold is at the bottom of a 1 month Channel Up, supported by the S1 (1,969) and on neutral 1D technicals (RSI = 50.472, MACD = 22.040, ADX = 18.645). The triple rejection on the 4H MA50 however on a 4 day span, illustrates substantial short term weakness that may be translated in a stronger correction under the Channel Up and to the 1D MA50.
We are prepared for both scenarios. Our buy trigger will be a candle closing over the 4H MA50 (hasn't happened since April 14th) and we will target the top of the Channel Up (TP = 2,070). On the other hand, a closing under the S1 (and as a result the Channel Up) and the 4H MA200 will be our sell trigger and we will short near the S2 (TP = 1,940).
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We are prepared for both scenarios. Our buy trigger will be a candle closing over the 4H MA50 (hasn't happened since April 14th) and we will target the top of the Channel Up (TP = 2,070). On the other hand, a closing under the S1 (and as a result the Channel Up) and the 4H MA200 will be our sell trigger and we will short near the S2 (TP = 1,940).
Prior idea:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
I trade Crypto, Forex, Indices & Commodities all from one account on PrimeXBT with TradingView charts
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Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
Register here👉 investingscope.s.gy/PrimeXBT
Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
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I trade Crypto, Forex, Indices & Commodities all from one account on PrimeXBT with TradingView charts
Register here👉 investingscope.s.gy/PrimeXBT
Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
Register here👉 investingscope.s.gy/PrimeXBT
Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.