Gold (XAUUSD) got rejected and turned sideways just before hitting the Higher Highs trend-line of the underlying rising channel. In the past 2 months we've seen this exact same Sell Signal another 2 times. Even the current 4H RSI sequence matches those peaks.
Those previous Sell Signals eventually made the price pull-back below the 4H MA100 (green trend-line). This time the current Support is the Higher Lows trend-line and of course the 1D MA50 (red trend-line) which continues to keep the long-term bullish trend intact.
As a result, we are targeting 4180 at least in the coming days, which is still above the 0.618 Fibonacci retracement level which supported the previous -5.84% Bearish Leg.
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Those previous Sell Signals eventually made the price pull-back below the 4H MA100 (green trend-line). This time the current Support is the Higher Lows trend-line and of course the 1D MA50 (red trend-line) which continues to keep the long-term bullish trend intact.
As a result, we are targeting 4180 at least in the coming days, which is still above the 0.618 Fibonacci retracement level which supported the previous -5.84% Bearish Leg.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
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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.
I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
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.