Two weeks ago (June 18, see chart below) we made a comparison on Gold's (XAUUSD) 1D chart with the Channel Down of January - February, calling for a final Low on the 1D MA100:
It appears that we are about to complete the final stage of this Bearish Leg (D), and within 5 trading days, make that 1D MA100 contact. However due to the less aggressive nature of the current Leg, we update our Target from 2260 to 2270.
The cyclical sequence of the 4H RSI however, indicates that we may be forming a bottom sideways, using the 4H MA50 (blue trend-line) as a pivot, so if instead the price closes above the top (Lower Highs trend-line) of the Channel Down and enters the upper region of the Rectangle, we will invalidate our 1D MA100 bias.
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It appears that we are about to complete the final stage of this Bearish Leg (D), and within 5 trading days, make that 1D MA100 contact. However due to the less aggressive nature of the current Leg, we update our Target from 2260 to 2270.
The cyclical sequence of the 4H RSI however, indicates that we may be forming a bottom sideways, using the 4H MA50 (blue trend-line) as a pivot, so if instead the price closes above the top (Lower Highs trend-line) of the Channel Down and enters the upper region of the Rectangle, we will invalidate our 1D MA100 bias.
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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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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.