Gold: Market Review

The price has been moving sideways around the support zone. Yesterday, we could see the breakout below SMAs and 1920.80$ support. It gave us a bearish signal. It means that the downward movement probably will be continued. MACD and RSI are bearish and they support such an idea. If the price breaks the low of the previous bearish candle, it will be another solid bearish signal. The main target for the bears will be SMA200.

Is it possible that 1900.00$ support will be able to stop the bears and we will get a reversal signal with a new upward movement? Of course, it can be like that, but I would talk about a real upward movement only after the breakout of the local downtrend line. Without it, I would trade following the sideways movement or the downward movement toward SMA200.



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.