Gold has Reached the Peak Short

GoldOANDA

Description

⋅ Mar 4, 2022 5:39 PM

I found that Gold has been in Overbought position, as indicated by the RSI indicator. Here Gold will experience a daily/weekly price correction, with a profit target of $1800 (Demand Zone) and at the point of position (approximately) the Daily Moving Average line (WMA-200).

Trade active

⋅ Mar 4, 2022 5:49 PM

Hope my analysis helps. Good luck to all of you.

Trade closed manually

⋅ Apr 18, 2022 12:29 AM

Cut losses. Gold will pump again higher.

Comments

SpotGoldCN

⋅ Mar 5, 2022 12:51 PM

Do you think the market will break 2K come Monday ? since it closed at 1970

POSINEXA

⋅ Mar 5, 2022 1:27 PM

@SpotGoldCN I don't think it will happen soon (based on my analysis), but later it will definitely break because the main trend of Gold is upwards.

theNowayfra

⋅ Mar 4, 2022 9:43 PM

I don't think technicals mean much in this political environment.

POSINEXA

⋅ Mar 5, 2022 5:17 AM

@theNowayfra Technical is a reflection of fundamentals, so the two are interrelated 😊 .

FX_Monk

⋅ Mar 6, 2022 10:50 PM

RSI can be overbought condition for a longer period of time, do we see any divergence on 1D . I guess not.. Price will take out 1974-89 targets.