The price broke the downtrend line and moved above the cloud. We have a support zone formed by the cloud and 1200.00 support level. If the price bounces from this zone and moves upward, it will be a new buy opportunity. Stop orders should be placed below 1200.00 support and the local swing low. The profit targets should be at the resistance levels. If the price breaks the previous swing high, it will be a good confirmation for further upward movement. The same goes about DMI indicator: it should become bullish with ADX line moving above 20 level. The high timeframe also looks bullish. You can read about possible market movements based on the weekly chart in the related ideas.
I will be very grateful for your LIKES. If you have any questions, please share in comments or send me DM. I will try to reply as soon as possible.
Gold buy opportunity??? Are you sure about this man? Gold is in a downtrend and there is no evidence of reversal! It is very likely just a bounce, a correction. Price has been rejected by the 4 hour EMA 200 on Aug 18th, as well as in Jun 18, May 18. No signs of reversal whatsoever! On the other hand, looks like it's forming a bear flag now. Not sure about that cloud man, consider also simple EMA. tradingview.com/chart/zzYBmKNn/
telensky
⋅
on the contrary, I'd say perfect sell / bearish opportunity :-)
Domsax48
⋅
@telensky, currently the metals are falling knife. The bottom is near, I think, but one does not know where, so currently it's too risky to enter long. But I would not short now either.
telensky
⋅
@Domsax48, yeah that's true, exactly. I think it might very well fall down to 1130 or 1060 (next obvious support levels).
DLavrov
⋅
@Domsax48, I would like to think about short positions after a short term upward movement. Now the market is not far from the local bottom.
DLavrov
⋅
@telensky, did you read the post about Gold based on the weekly timeframe? Yes, in long run the market looks bearish, but it has been falling for a long time and a corrections movement from 1200.00 level seems logical. Other thing is, the price did not moved upward and dropped below 1200.00 level. We don't have active buy trades, we wait for new opportunities.
nakg3
⋅
Also a sell oppportunity, tho :/
salemabualem
⋅
Please right a turtorial on Ichimoku?
BaselAbd
⋅
Tnx
vik2001
⋅
gold is going to struggle as long as the dollar is so strong.