New Buy Opportunity and Trade Examples for Gold

Let's look at the 4H time frame of Gold market. Firstly I would like to show you previous trading opportunities which could give good profit. Every time when price broke the signal lines we could open short trades. DMI indicator supported these breakouts and MACD confirmed the downward movements.

Now the price is at the weekly uptrend line. We should be ready to see a price reversal from this zone. The market forms a falling wedge which belong to a reversal group of chart patterns. If the price breaks the resistance line of the wedge, it will be a confirmation for further upward movement. We’ll be able to buy based on the breakout signal. Stop orders should be placed below the previous swing low. Profit targets can be not far from 1300.00 resistance level and the downtrend line.

Comment:

The price broke the falling wedge. The price reversal from the weekly uptrend line is confirmed.

Comment:

The market tried to drop below the uptrend line, but the bulls were strong and could push the price upward. We have a price reversal from the weekly uptrend line and the buy signal is workable now. Sell orders can be placed below the local swing low.

Trade closed: target reached