GOLD - Ready to Challenge 1835 again ?
Our chart analysis shows that even though gold had a negative 3rd quarter, an upside move can suprisingly happen in 4th quarter.
Gold seems to hold support at structure level 1680-1720, and bounces back with a bullish engulfing pattern formed at the support level.
Now price has broken downtrend line which shows more upside move is coming. Not to mention a potential inverted head and shoulders pattern is now forming on the daily chart.
RSI indicator also broke its downtrend line and now is heading upward to 50 level. MACD indicator shows signals are crossing up which gives us a buy signal.
Keep our longs if you are already in at 1720-1740 level. If not, you might consider adding some when price retests 1750-1760 level.
Gold seems to hold support at structure level 1680-1720, and bounces back with a bullish engulfing pattern formed at the support level.
Now price has broken downtrend line which shows more upside move is coming. Not to mention a potential inverted head and shoulders pattern is now forming on the daily chart.
RSI indicator also broke its downtrend line and now is heading upward to 50 level. MACD indicator shows signals are crossing up which gives us a buy signal.
Keep our longs if you are already in at 1720-1740 level. If not, you might consider adding some when price retests 1750-1760 level.
Trade active:
Went long at 1750.
Comment:
Still looking for gold to test 1825-1835 before pulling back.
Trade closed: target reached:
Close full posy @1830. Great profit.
