Gold: Solid Trend Reversal Signal and When to Buy
I'm not against buyers who believe in the continuation of the uptrend. I'm against those who promote the wrong principles of trading. For example, buying below resistance and when the market is overbought, it is a mistake.
If we look at the 4H chart, we can see a strong trend reversal signal. It is based on a bearish divergence. If the price breaks the local uptrend line and 2000 support, we should be ready to see a downward movement toward SMA100 and SMA200.
Maybe, it will be better to skip a possible selling opportunity based on this trend reversal signal. The market broke the previous ATH, and it has a very strong uptrend. But if we talk about opening long positions, I would like to wait for reversal signals from MAs and follow the exact price action and bullish signals from indicators.
For now, it is possible to short, but not to open long positions. If you think I'm wrong, you are welcome to share your opinion in the comments below this post! It will be great if you support your bullish position by the chart and arguments.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If we look at the 4H chart, we can see a strong trend reversal signal. It is based on a bearish divergence. If the price breaks the local uptrend line and 2000 support, we should be ready to see a downward movement toward SMA100 and SMA200.
Maybe, it will be better to skip a possible selling opportunity based on this trend reversal signal. The market broke the previous ATH, and it has a very strong uptrend. But if we talk about opening long positions, I would like to wait for reversal signals from MAs and follow the exact price action and bullish signals from indicators.
For now, it is possible to short, but not to open long positions. If you think I'm wrong, you are welcome to share your opinion in the comments below this post! It will be great if you support your bullish position by the chart and arguments.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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