Though we don't have a breakout of the channel yet (red trendlines) I will call the the 2nd daily cycle low here.
We had 2 entries : the first at 1218 and the second today at 1199$.( I will use the entry of the pullback not the troll indicated entry what I have on my account)
The bounce seem to be holding by the close.
MACD had crossed over at extreme levels, the RSI left the oversold territory and printed a bullish divergence compared to the chart. I'm watching one more trendline : the blue one. It's around the 10 EMA on the 4hrs chart right now. Breaking above that trendline will confirm the validity.
It's hard to tell which upper trendline is the good one (blue or red).
I think if one is still not in position could wait for a break above the blue trendline.. The break above the red trendline would be more convincing but you already lost 10$ of this bounce.
We have to be ready this breakout might be only short lived. So if you wait too much you might not get a good entry point.
As we are printing higher daily cycle lows it's still a bull trend on the daily cycle basis.
I would not underestimate the gold bull with a declining dollar and a hyper-overbought stock market before the Dutch General elections ...
We will see how it plays out.
Levels, exit point(s), update only in PI on this trade.
We had 2 entries : the first at 1218 and the second today at 1199$.( I will use the entry of the pullback not the troll indicated entry what I have on my account)
The bounce seem to be holding by the close.
MACD had crossed over at extreme levels, the RSI left the oversold territory and printed a bullish divergence compared to the chart. I'm watching one more trendline : the blue one. It's around the 10 EMA on the 4hrs chart right now. Breaking above that trendline will confirm the validity.
It's hard to tell which upper trendline is the good one (blue or red).
I think if one is still not in position could wait for a break above the blue trendline.. The break above the red trendline would be more convincing but you already lost 10$ of this bounce.
We have to be ready this breakout might be only short lived. So if you wait too much you might not get a good entry point.
As we are printing higher daily cycle lows it's still a bull trend on the daily cycle basis.
I would not underestimate the gold bull with a declining dollar and a hyper-overbought stock market before the Dutch General elections ...
We will see how it plays out.
Levels, exit point(s), update only in PI on this trade.
Comment:
Watching the blue trendline: the breakout is significant.
Comment:
Breakout of the trendline... and a trendline back test.
Comment:
Baked in. Enjoy the ride!