DLavrov

Gold: Double Bullish Divergence from 1764$

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
This trading idea is based on a trend reversal signal. In the 1H timeframe, the market gives us a double bullish divergence . It is a solid bullish signal.
The price bounced from 1764$ support, and we can expect a further upward movement toward the key resistance levels.
RSI confirmed the price reversal. MACD lines and histogram are supporting the upward movement.

Stop orders should be placed below the support zone and the local swing low. The profit target should be 1800$ and 1848$ resistance levels. Risk per trade must be no more than 1-2% of the capital.

If the price tires to break the support and we get a false breakout, it will be used for buying as well.



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.
Comment: The 1st profit target was reached. It is possible to fix the whole profit from the 2nd trade.
Trade closed: target reached
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Comments

I'm waiting for new short movement when breakout is done
+2 Reply
thanks for your analysis and great work.
+1 Reply
Good analysis.
+1 Reply
Thanks bro. Today Gold hit my target 1846. Thanks for your analysis.
Reply
Awesome 👌!
Reply
You are wonderful
Reply
v nice
Reply
Thanks for sharing, good job. I wish you good work. This is my opinion too:
Reply
perfect. Thanks a lot
Reply
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