I'm starting a long position in gold here strictly using a stop below the current 4hrs candle low (1324$)
We tagged the previous daily cycle's trendline and I think this is the last chance for gold to print a right translated daily cycle with a higher high.
RSI is leaving oversold from extreme levels. RSI this morning hit the same level what we had at the last DCL.
1335 is the key level at the 200 SMA. If we can regain it the chance is high to test again 1361.
We tagged the previous daily cycle's trendline and I think this is the last chance for gold to print a right translated daily cycle with a higher high.
RSI is leaving oversold from extreme levels. RSI this morning hit the same level what we had at the last DCL.
1335 is the key level at the 200 SMA. If we can regain it the chance is high to test again 1361.
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We bounced at the last FED meeting on the 31st Jan no wonder we are bouncing today as well
Trade closed: stop reached
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Just a few thoughts.
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This is better:
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So yesterday the trendline (red) from last december was broken, BUT
price broke above the trendline again a few hours later
And today we also break the down trendline.
price broke above the trendline again a few hours later
And today we also break the down trendline.
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I entered with a long earlier when price break above the red trendline. As the hourly is too overbought I will wait with the idea publishing till the hourly chart cools off a bit
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I would try to enter a long position when RSI 7 back to 50 and price is around 1327-28.
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DXY might be reversing. If it is gold will rally.
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Fingers on the buy button bears!
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We might even tag 1327. :)
