GOLD XAUUSD > Technical Analysis > 1st December
man.. a big day yesterday. I hope everyone managed to keep an eye on yesterdays PA and got some $'s out of it.
Looking at the last month, we are still respecting the current down trend (green line). Whilst I can see the beginning of an upwards trend with bullish RSI divergence and ATR confirmation we really need to break resistance 1 and 2 before we see any significant change in trend.
My recommendations:
If you enjoy my chart please hit that like button and let me know your thoughts. I'm an active user so I am sure you will hear back from me. Good luck!
Ps. sorry for the messy chart.
Looking at the last month, we are still respecting the current down trend (green line). Whilst I can see the beginning of an upwards trend with bullish RSI divergence and ATR confirmation we really need to break resistance 1 and 2 before we see any significant change in trend.
My recommendations:
- Watch out for todays news (Powell publishing Job data and could be significant)
- if resistance 1 is broken, wait for a retest and look for a buy to 1810.
- If resistance 2 is broken, after a retest look to hold.
- If either levels are reach and rejected I will look for shorts
- I am looking for bullish movements mostly due to 1770 being respected and how December usually acts. PA still has had good up momentum and was only really effected by news.
- Further confirmation if I were to zoom out 1770 respects the bottom of my yearly pitchfork channel and .382 Fibonacci. Indicating to me that going further down will be difficult.. but not impossible...
If you enjoy my chart please hit that like button and let me know your thoughts. I'm an active user so I am sure you will hear back from me. Good luck!
Ps. sorry for the messy chart.