DK_Investment

Gold update - market reached strong support - how to trade

OANDA:XAUUSD   Gold Spot / U.S. Dollar
market price reached after a breakdown from triangle formation the 200 day moving average on 4H which is strong support and last support before 1480 $ area. I expect many buyers coming into market and a retest of triangle formation. Long/buy entry is only valid if market goes back into the triangle formation and close two 4 H candles above the trend line. Should the next 4 H candle not close above triangle trend line we can expect test of long term up trend line at 1480 $ area.

open buy order after seversal closes on 1H within the triangle formation
open sell order after several closes on 1H under the triangle formation

-regular RSI reached heavy over selled area and started reversal
-stochastic RSI baselines crossed bullish and reached support area
-MACD baselines going to cross bullish soon which brings buyers into the market
-Bollinger bands started sideways movement which implements upwards correction movement
Comment:
market going to 1480 $
Trade closed: target reached

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