Dear traders and followers,
welcome to our weekly gold market update !
We have analyzed two possible movements for the end of the current trading week.
The green one is valid if the price break and close above 1875$-1880 $ within the current up movement. Wait for a retest of the support which has been resistance before. Buy after price confirmed this support level
The red one is active if the price fail to break and close above 1875$-1880 $ within the current movement and start to go into sideway movement. Open short with take profit and stop loss as drawn in the chart.
Indicators:
-price bounced off from the 50 day moving average on weekly chart and reached now strong resistance area 1875-1880 $
-RSI baselines moves into the heavy overbought area and is likely to stay in there for the rest of the week which is a buy signal
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Please hit the like button if you share or like this idea.
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Thanks for your support !
welcome to our weekly gold market update !
We have analyzed two possible movements for the end of the current trading week.
The green one is valid if the price break and close above 1875$-1880 $ within the current up movement. Wait for a retest of the support which has been resistance before. Buy after price confirmed this support level
The red one is active if the price fail to break and close above 1875$-1880 $ within the current movement and start to go into sideway movement. Open short with take profit and stop loss as drawn in the chart.
Indicators:
-price bounced off from the 50 day moving average on weekly chart and reached now strong resistance area 1875-1880 $
-RSI baselines moves into the heavy overbought area and is likely to stay in there for the rest of the week which is a buy signal
Feel free to leave a comment or to share your ideas in the comments section
Please hit the like button if you share or like this idea.
Follow us and stay up to date/don't miss any new ideas
Thanks for your support !
Trade active
Trade closed: target reached
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
