TheSignalyst

In GOLD We Trust!- Our Safe Haven!

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
Hello Trading Family, Gold is approaching an interesting area. What I call "TRIO RETEST"

Here is why => The Highlighted Orange Circle is the intersection of three key rejection levels/zones.

Retest 1: Brown Trendline
Gold is overall bullish and currently testing the brown trendline which acts as non-horizontal support.

Retest 2: Lower Blue Trendline
The lower blue trendline is the lower bound of the channel which I consider as an oversold area.

Retest 3: Green Support - 1700.0
The green level is a previous resistance turned into support and round number 1700.0

As per my trading style/plan:
I will zoom in to lower timeframes and look for bullish reversal setups (like a double bottom , trendline break , and so on...)

For example, we can see Gold is forming a trendline in gray, so I will be waiting for a third swing to form around it to consider it valid and then buy on this last swing high break upward.

Always follow your trading plan regarding entry, risk management, and trade management.

Good Luck

All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL indicator
http://www.RichTL.com

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Comments

You know we had to like this one ;)
100 coins
+1 Reply
@FlyDownX you are amazing
+1 Reply
I hope this can be a no-judgement question, newer to trading here. Is it possible to invest in gold at its spot price? Or is it only through ETFs? I’m curious what symbols you’re buying here
+6 Reply
AmarPearson Crentist
@Crentist, Some brokers offer 'standard', 'mini' and 'micro' accounts where you can trade Gold CFDs with leverage and less risk by allowing you to buy the spot at a price relative to your account size.
+3 Reply
Crentist AmarPearson
@AmarPearson, thanks a bunch for the reply!!
Reply
@Crentist @AmarPearson Amar is amazing 😁
Reply
GLD will continue to drop for the next 2-3 weeks.
+5 Reply
TheSignalyst jmscrypto85
@jmscrypto85, yes very possible, until our buy setup is activated, Gold would be overall bearish
+2 Reply
Nice chart from todays perspective.
But check out the underrated chart I published on 02/22, predicting this exact move. in GOLD.
My analysis showed gold an silver going down, but at the time (when you could actually profit from it) no-one wanted to listen, and everyone was long on GOLD & SILVER.

No worries made a nice profit on a PUT then, and now looking to BUY in.
+4 Reply
TheSignalyst wolffarchitecture
@wolffarchitecture thanks for sharing your thoughts mate
Reply
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