Gold_D_Roger

XAUUSD Technical Analysis

Gold_D_Roger Обновлено   
OANDA:XAUUSD   Золото / Доллар США
So far gold has been continuously retesting the descending wedge top resistance line, more than 3 times, proving to be a major resistance level.
The descending wedge looks to be a bullish flag in the 1D timeframe.


Technical Analysis for short term:
- Breakout above 1710 --> Take profit 1 @ 1720 the first resistance + TP 2 @ 1730 the historical major resistance
- A strong rejection from the top of the descending wedge at 1708 --> Take profit 1 @ 1692 the first support level + TP2 @ 1673 if it breaks below TP1

Stochastic Oscillator displays a descending crossover towards the 40 mark, typical of a bearish pattern.
MACD displays a slightly bullish slope in the green, although it would be noted there's a hidden divergence in the decreasing buy volumes. This possibly precedes a bearish reversal in near future.
Most Techical indicators point to a dying bull pressure, to a possible strong SELL in the short term.

Fundamental Analysis for long term:
Then again, GOLD is heavily sensitive to economic forecasts:
  • -Highest US household debt in record
    Risk adverse investors fearing a possible second wave of pandemic after gradual easing of COVID measures
    US- China Tensions and possible trade war
These points to investors turning to the one historic hedge against risk: GOLD , therefore we can look for a LONG TERM BUY opportunity. Things to watch out for is the China reaction to US accusations about the virus, an easing of tension would point to a temporary drop in gold price.
Комментарий:
1H Timeframe looks to be forming a double top: a bearish reversal pattern.

Now to wait for the hourly candle to close and next confirmation candle to enter SELL GOLD opportunity.
Сделка закрыта: достигнута тейк-профит цена:
As described above,
SHORT has been taken for a take profit 1 at 1694! Closed slightly above as it was getting close to the support level :)

Thank you guys for the support,
just a humble beginner trader starting out.
Сделка активна:
Our next target is @ TP2 1674
Open SHORT

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.