Setup
Bullish trend / Correction
Gold still above 50 day moving average
Daily RSI stable around 50 level
Has made a 50% correction of rally since breakout at 3400
Commentary
It seems likely gold needs to first complete an ABCD correction before moving higher - meaning one more lower low. However, support at 3920 could hold, offering good R:R opportunities - even if 4200 holds as resistance.
Strategy
Look for bullish reversals below 4000, above 3920 support
Wait for bigger pullback to the 61.8% Fib / demand zone under 3800
Bullish trend / Correction
Gold still above 50 day moving average
Daily RSI stable around 50 level
Has made a 50% correction of rally since breakout at 3400
Commentary
It seems likely gold needs to first complete an ABCD correction before moving higher - meaning one more lower low. However, support at 3920 could hold, offering good R:R opportunities - even if 4200 holds as resistance.
Strategy
Look for bullish reversals below 4000, above 3920 support
Wait for bigger pullback to the 61.8% Fib / demand zone under 3800
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(Latest market moves, explained with lessons from the top traders and gurus)
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(Latest market moves, explained with lessons from the top traders and gurus)
tradingwriters.substack.com/
Read and watch more educational trading content:
tradingwriters.com
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Signup to my newsletter
(Latest market moves, explained with lessons from the top traders and gurus)
tradingwriters.substack.com/
Read and watch more educational trading content:
tradingwriters.com
(Latest market moves, explained with lessons from the top traders and gurus)
tradingwriters.substack.com/
Read and watch more educational trading content:
tradingwriters.com
Похожие публикации
Отказ от ответственности
Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.