Gold: Buying Opportunity at 1800.00 Resistance

What do you think about such a long trade?

The market is bullish in the 1H timeframe. The price bounced from the support zone after a correction movement. RSI and MACD confirmed the price reversal and a possible upward movement. If the price moves above SMA100, it will show the strength of buyers. Stop orders must be placed below SMA200 and the local swing low. The main profit target can be at 1790.00 resistance.

If we work only with the 1H timeframe, it is possible to say that we have a good buying opportunity. But if we add the daily timeframe, I would skip this trade. The price reached 1800.00 resistance zone, and we should be ready to see a pullback to SMA500 at least. If we open long trades using the hourly charts, it means we don't have the support from the higher timeframe. It makes any trade much more unpredictable.

Share in comments how you are going to trade this setup. Will you buy following the uptrend and the buying opportunity in the 1H chart? Will you sell following a reversal signal from the daily chart?



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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.