Nice opportunity to buy gold now with divergences on the hourly charts of lower prices with higher MACDH, stochastic and RSI.
We are still trading above the long term trend line inside a wedge pattern and I expect us to test into the red resistance boxes and if we get above them and they become support the upper pennant trend line will act as a potential break out zone to try and move towards daily highs of 2060. We need to get through resistance at 2008 before though.
Scale out profits on the way up at each resistance, stop at the low of the divergence around 1922.
We are still trading above the long term trend line inside a wedge pattern and I expect us to test into the red resistance boxes and if we get above them and they become support the upper pennant trend line will act as a potential break out zone to try and move towards daily highs of 2060. We need to get through resistance at 2008 before though.
Scale out profits on the way up at each resistance, stop at the low of the divergence around 1922.
Trade active:
Closed out 75% of profits last night just below the falling 200 Hour MA. Rest of the stop loss remains the same.
Comment:
Here we can see on my other post my dxy long which has acted as a nice hedge against gold here. Very strong buy on the dollar
About me: I'm a retail day trader (trading since 1993). Most ideas here are for short time frames and become profitable quickly. I take profits fast as things change fast. 1-2-1 mentoring sessions available.
Telegram coming soon.
Telegram coming soon.