Gold: What next?
The long term is in a downtrend but…
The Daily trend is in an uptrend technically indicated by the following:
• "dow" pattern – higher bottoms and higher tops ( B1-T1-B2-T2 )
• prices is currently trading above the downtrend line
The uptrend is confirmed from the MAs. Bullish cross observed – MA10 cross under MA20.
RSI:
• RSI is ABOVE the equilibrium level- 50. Bullish Momentum.
Generally, the main long-term trend has favoured the downside. Keep in mind that the near-term trend push upward higher, clears trend-line resistance and test the SMA200 at 1175.34 - is likely to appear as a corrective move or as a trend reversal-.
Therefore, we will recommend Long Positions for the no position holders on GOLD in case of a move ABOVE the S1 at 1164.20. Take profit at 1190.10- 1201.60 (R1-R2), take profit 2 at 1226.50 (R3), and stop loss should be a bit below the S1, thus the stop loss is at 1125.00.
For Long-holders we will recommend to HOLD their long positions and adopt the same stop loss and take profit orders as mentioned above.
Otherwise, a move below the uptrend trend-line confirms that prices may move downwards and might challenge the 61.8% Fib- support level (S2) at 1117.30. In this case we will recommend short positions. Take profit at 1099.00 (S3) and take profit-2 at 1080.20 (S4). Stop loss should be a bit above the S1, thus the stop loss is at 1180.00.
The Daily trend is in an uptrend technically indicated by the following:
• "dow" pattern – higher bottoms and higher tops ( B1-T1-B2-T2 )
• prices is currently trading above the downtrend line
The uptrend is confirmed from the MAs. Bullish cross observed – MA10 cross under MA20.
RSI:
• RSI is ABOVE the equilibrium level- 50. Bullish Momentum.
Generally, the main long-term trend has favoured the downside. Keep in mind that the near-term trend push upward higher, clears trend-line resistance and test the SMA200 at 1175.34 - is likely to appear as a corrective move or as a trend reversal-.
Therefore, we will recommend Long Positions for the no position holders on GOLD in case of a move ABOVE the S1 at 1164.20. Take profit at 1190.10- 1201.60 (R1-R2), take profit 2 at 1226.50 (R3), and stop loss should be a bit below the S1, thus the stop loss is at 1125.00.
For Long-holders we will recommend to HOLD their long positions and adopt the same stop loss and take profit orders as mentioned above.
Otherwise, a move below the uptrend trend-line confirms that prices may move downwards and might challenge the 61.8% Fib- support level (S2) at 1117.30. In this case we will recommend short positions. Take profit at 1099.00 (S3) and take profit-2 at 1080.20 (S4). Stop loss should be a bit above the S1, thus the stop loss is at 1180.00.
Отказ от ответственности
Все виды контента, которые вы можете увидеть на TradingView, не являются финансовыми, инвестиционными, торговыми или любыми другими рекомендациями. Мы не предоставляем советы по покупке и продаже активов. Подробнее — в Условиях использования TradingView.