TradingBrokersView

XAUUSD Death Cross (1d) inevitable. Massive sell ahead?

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold is a day or two away from the first Death Cross on the (1d) time frame since July 1st 2022. That initiated a massive sell off at the time.
The price is currenting on a long term bearish track with the Falling Resistance and Support forming a Falling Wedge.
The Rising Support since February 28th is the seperator from a potential bullish reversal to a strong sell-off similar to July 2022.

Trading Plan:
1. Buy if the price closes a (1d) candle over the Falling Resistance.
2. Buy again on the (1d) MA50 if it closes over Resistance (1).
3. Sell if it closes under the Rising Support.
4. Sell again if it closes under the Falling Support.

Targets:
1. 1953 (Resistance 1).
2. 1988 (Resistance 2).
3. 1886 (Support 1).
4. 1805 (Support 2).

Tips:
1. Gold has been very consistent on its sell sequences throughout the whole year. See the white Channel Down patterns. A similar one is expected to deliver ~1800 if the Falling Support breaks..

Please like, follow and comment!!

Join our private Telegram signals channel, with +70% accuracy for forex and crypto! 🎉

Also doing account management, earn +15% monthly profit!

👉CONTACT: t.me/tradingbrokersview

Stop gambling with your trades! 🎰
Start being profitable! 💰
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.