The price reached 1325.00 resistance and we got a reversal. The market started a correction. The price is going to reach the support zone formed by SMA50, the uptrend line and 1310.00 support level. RSI confirms the reversal and gives a bearish signal. MACD supports the downward movement.
If the price reaches the support zone, we should be ready to get a reversal in the direction of the main uptrend. This signal can be used for opening long trades with stop orders below the local swing low and and the main profit target at 1325.00 resistance.
If the price breaks the support zone, we will be able to use the breakout signal for selling. Stop orders for short trades must be placed above the local swing high and the main profit target should be at 1300.00 support level.
is there enough juice in your strategy , profits targets @ 1325 long and 1300 short are not worth the risk
InvestingScope
⋅
Thank you Dmitriy. We have a very similar pattern where Gold is supported at 1,311/12 and 1,308. We expect a rebound within this 4H Channel Up with 1,330 very likely in the next 5 sessions: