Gold (XAUUSD) hit its 4H MA200 (orange trend-line) today for the first time since April 08. That was a Higher Low at the bottom of the Bullish Megaphone pattern and produced its Aril 22 All Time High (ATH).
Since then, the market has been correcting under a Lower Highs trend-line, due to the de-escalation of the Trade War and today's 4H MA200 is so far a Double Bottom on a potential Descending Triangle.
Its last Bullish Leg peaked on the 0.786 Fibonacci retracement level, so we are now turning bullish targeting 3375 (current 0.786 Fib).
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Since then, the market has been correcting under a Lower Highs trend-line, due to the de-escalation of the Trade War and today's 4H MA200 is so far a Double Bottom on a potential Descending Triangle.
Its last Bullish Leg peaked on the 0.786 Fibonacci retracement level, so we are now turning bullish targeting 3375 (current 0.786 Fib).
-------------------------------------------------------------------------------
** 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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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
💸💸💸💸💸💸
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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
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.