Gold: How to Trade in This Market

During the next week, it will be interesting to watch for the Gold market.

The price broke the local uptrend line and made a downward movement. It gave us a solid bearish signal with the 1st target at 1850$. If the price breaks the local support, the 2nd goals will be 1800$ support.

If the price can stay above 180$ support, we will be able to expect a new upward movement toward the downtrend line and the cloud. The price action in this zone will tell us about further market movement.

The market looks bullish in the long run, if we talk about the weekly timeframe and FA. But in order to get exact bullish signals from the daily chart, the price will have to break the downtrend line and move above the cloud. After that, we will be able to talk about the bullish market in the daily timeframe as well.

How to trade?
I would search for short opportunities from the downtrend line and after reversal from Kijun and Tenkan lines.

The price reversal from 1850$ will give a buying opportunity. But for this, we will have to use at least the 4H chart with Ichimoku indicator or use other trading strategies and the hourly timeframes.

The breakout above the cloud will give another buying opportunity.



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.