Even with the 10ema crossing the 14sma, I still believe the Gold has space to go up.
It didn't consolidate itself bellow fast moving averages and its showing some strength by accumulating near the previous top instead of a stronger correction.
Now it's pulling back around 23-25% of it's previous spike.
I believe in a pullback up to 50% of the previous clean moviment before resuming the bullish trend. BUT for me it's clear it's arming a bullish flag. So I'm ready to long at the confirmation of the bulish trend resume.
This is my opinion, not an investment advice.
It didn't consolidate itself bellow fast moving averages and its showing some strength by accumulating near the previous top instead of a stronger correction.
Now it's pulling back around 23-25% of it's previous spike.
I believe in a pullback up to 50% of the previous clean moviment before resuming the bullish trend. BUT for me it's clear it's arming a bullish flag. So I'm ready to long at the confirmation of the bulish trend resume.
This is my opinion, not an investment advice.
Note
Well, not this time. It didn’t confirm the bullish movement. And just opened a double top. Closed under the moving averages and on 4h is going towards the 200 ma.The candle that closed under 4,316 stopped me out and reversed my position. I closed the position 7 candles latter. Since it's a supply and demand zone.
Now I'm totally flat. I believe it might consolidate a little bit around the 200ma. And resume the rally (the bullish rally).
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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.